California pensions investment chief steps down less than 2 years into job

Milken Institute Global Conference in Beverly Hills, California

By Isla Binnie

NEW YORK (Reuters) -The Chief Investment Officer of the largest U.S. state pension manager, the California Public Employees Retirement System (CalPERS), will step down on Sept. 29, CalPERS said in a statement on Friday.

Nicole Musicco, who was the second woman in its history to have led the investment operations of the $463 billion fund, is leaving to “attend to the immediate needs of family in her native home of Toronto, Canada”, CalPERS said.

CalPERS said Musicco’s deputy Dan Bienvenue will serve as interim chief investment officer and it will soon start a global search for her replacement.

Musicco took the role overseeing a 400-strong investment office less than two years ago, in February 2022, according to CalPERS website.

“I’ve spent my entire career making the necessary trade-offs between my personal and professional life,” Musicco said in a post on the website. “But lately, those trade-offs have come at too high of a cost.”

The post added that she has two children and a “large, multigenerational family” and has “been shuttling between Sacramento and her native Toronto to attend to pressing matters”.

(Reporting by Isla Binnie; editing by David Evans)