CalPERS names investment heads

US – CalPERS, the largest pension fund in the US, has appointed a new chairman and vice chair of its investment committee.

Rob Feckner, who is also vice president of the board, has been elected as chairman of the investment committee, replacing Michael Flaherman. Feckner joined the board in 1999.

Priya Mathur has been elected as vice chair of the investment committee. She joined the board at the beginning of the year as a representative of public agency employees. Mathur replaces Sean Harrigan.

CalPERS registered a return of –9.53% for 2002, below the median when compared to other large plans. Over a three and five-year period, CalPERS has matched the median return, producing -5.74% and +2.83% respectively. Over the 10-year period, however, the fund ranked slightly below median, returning 8.07%.

Current asset allocation for the 133.8 billion dollar fund is: 39% to domestic equities, 19% to non-US equities, 24% to domestic fixed income, 4% to non-US fixed income, 8% to real estate, and 6% to alternative investments. The poor returns of last year are attributed to the fund’s large allocation to corporate bonds, and the US fixed income segment.

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