The California Public Employees’ Retirement System has parted ways with its chief operating investment officer Elisabeth Bourqui after only eight months, CalPERS confirmed to Institutional Investor.
The COIO is the second-most powerful investment official at the $340 billion pension fund, which is the country’s largest. New chief investment officer Ben Meng took over the fund in September, following a long search to replace ex-CIO Ted Eliopolous.
Bourqui had joined CalPERS in May, replacing departed COIO Wylie Tollette. She submitted her resignation effective Monday, according to Axios, citing an internal email from Meng to staff.
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CalPERS will begin recruiting for a permanent COIO immediately, Meng reportedly said in the email. In the meantime, he has reportedly appointed Dan Bienvenue, who oversees $150 billion in global equities, as acting COIO.
“I’m confident that Dan has the skills and expertise to fulfill this role and partner with our investment office leadership team to execute our investment strategies,” Meng wrote, according to Axios. “Dan will continue to provide guidance to our Global Equity team in addition to his acting position. During this time, our Investment Compliance and Operational Risk program will report to Eric Baggesen.”
CalPERS did not immediately respond to a request for comment and confirmation of Bourqui’s exit.