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

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)