US - The California Public Employees' Retirement System (CalPERS) has accrued assets in excess of US$200bn, doubling in value over the last nine years.
CalPERS reached its peak fund size of US$200.1bn on November 21, and Rob Feckner (pictured), president of the CalPERS said: It took 64 years to break $100bn, but only nine years to double those assets.
Around 80% of current assets are generated by investment returns, while the remainder comes from employers and employees. Excluding investment earnings, employer contributions account for about 64% of other CalPERS assets, while employees provide about 36%.
Meanwhile, CalPERS announced that it had retained Fiderion Financial Services Group to conduct the global search for a new Chief Investment Officer (CIO).
The search should to be completed in the next six to eight months.
The vacancy opened up after former CIO Mark Anson resigned last month to join Hermes as CEO.
The fund named Anne Stausboll as Interim CIO to run day-to-day operations.
In other news, CalPERS has approved an investment action plan increase its focus on emerging markets and emerging managers.
CalPERS investment committee approved the plan, which includes establishing a pool of consultants that specialise in diversity in the investment industry, and compiling a database of emerging investment managers and brokers.
CalPERS is expected to launch its search for consultants in the new year and have a pool established by March or April 2006.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.