US - The US$144bn California Public Employees' Retirement System - the world's biggest pension fund - (CalPERS) has appointed Fred Buenrostro as its new chief executive officer.
The appointment follows the departure of James Burton last month - after nearly eight years as CEO - who left to head up the London-based World Gold Council.
Buenrostro is currently chief deputy director of the state department of personnel administration.
He will now oversee the system's 1,600 employees, a budget of more than US$241.4m, and operations spanning investments, health and retirement benefits administration, actuarial and employer services and other supplemental programs.
Buenrostro is the seventh CEO to lead the 70 year old institution, the nation's largest public pension fund. He was selected from a field of 14 undisclosed candidates.
Buenrostro has over 20 years' experience in public service, including more than 12 years on both the CalPERS and State Teachers Retirement System boards (CalSTERS).
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