CalPERS Names Russell Read as New Chief Investment Officer
Fiderion completes successful recruitment of industry leader
Sacramento, California - April 19, 2006 – The California Public Employees' Retirement System (CalPERS) announced today that Russell Read, former Deputy Chief Investment Officer for Deutsche Asset Management, has been named to the post of Chief Investment Officer (CIO) for the $208 billion public pension fund.
Read, 42, is a leader in the investment industry. He has more than 20 years investment management experience, including strong expertise in global markets, asset/liability modeling, asset allocation, risk management, and experience across all asset classes.
He will oversee a 180-member investment staff and a diversified portfolio that includes equities, fixed income, alternative investments, and real estate. The CIO works closely with the Board of Administration in setting investment strategy, establishing the fund's asset allocation and overseeing the fund's external managers. He will begin his position on June 1.
"Russell is a highly respected and seasoned investment leader with a strong reputation for investment vision and innovation," said Rob Feckner, President of CalPERS Board of Administration. "He brings a wealth of investment management experience that will help us achieve our investment goals for our 1.4 million public employees, our employers and California taxpayers."
Read, in his post as Deputy Chief Investment Officer for New York-based Deutsche Asset Management, had responsibility of more than $250 billion for retail and institutional investors in equity, fixed income and commodity-based investment products. He was also Chairman of the Deutsche's Americas Investment Committee and principal representative to the firm's retail mutual fund board of trustees. Read previously served as Global Head of Quantitative Investing and Research at Zurich Scudder and has held senior investment positions with the Oppenhiemer Funds, CAN Insurance and Prudential Insurance. He also held academic positions at the University of Maine and Stanford University teaching courses in financial risk management and statistical methodology sequence.
Read holds a doctorate in political economy, a master's in economics, and a master's in political science, all from Stanford University.He also received a master's in business administration in finance and international business and a bachelor's in economic statistics, both from the University of Chicago. He is a Chartered Financial Analyst, Chartered Financial Consultant and a Chartered Life Underwriter.
"We are fortunate to have Russell to lead our investment team," said Charles P. Valdes, Chair of CalPERS Investment Committee."I'm confident that he will be able to develop innovative and new successful investment initiatives that will help us add value to our fund."
Read is the founder of the Institute for Investment Renewable Resources at the University of Maine and is head of the finance committee of the Fractional Development Center that is dedicated to the transformation of wood into energy and materials currently provided by crude oil.
Read replaces Mark Anson, who left CalPERS in January 2006 to become the Chief Executive Officer of Hermes.
The search for CalPERS new CIO was led by Steve Niss, Senior Managing Director of Fiderion.
About CalPERS
CalPERS is the nation's largest public pension fund. The System provides retirement and health benefits to more than 1.4 million public employees and their families. For more information on CalPERS, visit www.calpers.ca.gov.
About Fiderion
Fiderion, a premier retained executive search firm based in Atlanta, serves retail banking, securities, investment management, wealth management, real estate, and all financial services sectors. In addition to placement, Fiderion contributes to strategic plans, helps structure new organizations, and offers other complementary services. For the strongest, most productive working relationships, Fiderion emphasizes involvement and integration with clients' teams. Founded in January 2002 as James Norton Partners, the Fiderion staff collectively boasts more than 40 years of executive search experience.