US - The California Public Employees' Retirement System (CalPERS) has appointed Farouki A. Majeed as its new senior investment officer for asset allocation management.
Majeed will be responsible for asset allocation implementation, the pension fund’s asset allocation team and the CalPERS board’s asset allocation workshop, which is scheduled for November 2007.
Russell Read, chief investment officer at CalPERS, said: “Asset allocation is at the heart of our success as a long-term investor with a diverse portfolio.”
He added that Majeed was highly regarded for his wide global investment experience and had a keen interest in asset allocation.
Prior to his appointment, Majeed was the inaugural chief investment officer of the Abu Dhabi Retirement Pensions and Benefits fund of the United Arab Emirates, where he served since 2004.
Among his previous roles, he was also chief investment officer for the Orange County Employees Retirement System.
In a separate development, the CalPERS Board of Administration has approved the lowest health benefit rate increase in a decade.
It means the 2008 rate package will increase overall premiums by 6.3%, which is less than one-half the average of increases in the previous five years.
Railways Pension Trustee Company chief executive Phil Willcock has quit the scheme after only 10 months to take up a position as head of AIG UK Life.
The Financial Conduct Authority (FCA) has launched a consultation on how to enable defined contribution (DC) savers to invest in patient capital via unit-linked funds.
The Pension Protection Fund has published its final levy rules for 2019/20 following a consultation launched in September.
The Competition and Markets Authority's (CMA) final report on the investment consultant market has been celebrated as having "real teeth" to produce better outcomes for members.