Debra Smith, the chief operating investment officer at the
California State Teachers’ Retirement System (CalSTRS), will
retire next month. The pension fund will start recruiting for her
replacement in the next six weeks.
Smith, who worked at the fund for 24 years, reported directly to
CIO Chris Ailman and was responsible for the fund’s enterprise
strategic and business plan goals, according to a
Monday release. She announced her retirement to the educator
pension system in February. Her last day in the position will be
Stewards of capital must become the stewards of a new form of
The simulations and scenarios of central bankers and government
regulators, the World Bank and the IMF and stock exchanges and
trading networks surely included pandemics. But for all of the
handwringing about Too Big to Fail, they apparently forgot to put
the economic system through a global health stress test.
A system failure of this magnitude reflects, um, a system
The nation’s second largest public pension fund has been using a
strategy to mitigate the impact of the coronavirus-fueled selloff
and is now focused on the recent rally off the lows. The
California State Teachers’ Retirement System has more than $226
billion in assets is under management with a long-term focus.
Christopher Ailman, chief investment officer at CalSTRS, joins
“Squawk Box” by phone to discuss.
The COVID-19 pandemic has caused fear and confusion for all
investors, and market volatility reflects this uncertainty. Just
as the response to COVID-19 needs science, the markets need data
and transparency. Rather than ramping up disclosures, too many
companies around the globe have begun to postpone or cancel their
Annual General Shareholder Meetings (AGMs) altogether. As of
March 26, International Shareholder Services (ISS) reported 400
adjourned or canceled AGMs globally. This is a mistake.
US pension fund California State Teachers’ Retirement System
(CalSTRS) committed a total of $2.2 billion to private equity
managers in the second half of last year ended 30 September,
bringing its total for 2019 to $7.6 billion.
According to its latest private equity investment report, the
second half commitment included the $1.6 billion approved during
the fourth quarter, increasing its exposure to PE to 9.5 per cent
from 9.3 per cent in March last year.
The pension fund’s overall PE program is slightly above the
current target of 9 per cent but still below the long-term target
exposure of 13 per cent.
Jack Ehnes, longtime chief executive officer at the California
State Teachers’ Retirement System (CalSTRS), is postponing his
retirement to steer the $246 billion pension plan through the
coronavirus pandemic, the fund said Friday.
The leader of the largest educator-only fund in the world will
continue at the helm through June 2021. His decision came after
the CalSTRS board requested he postpone his retirement as
trustees continue their search for a new chief executive while
scrambling to respond to the economic impact of COVID-19.
An essential function of any organization is to periodically
evaluate tits IT infrastructure in relation to its business
needs, drivers and priorities. CalSTRS has three high-priority
business drivers: mitigating operational risks, transforming
stakeholder experience and controlling costs. CalSTRS is
addressing its highest priorities by implementing a hybrid cloud
IT infrastructure model that will provide cost-effective
security, agility, usability and flexibility as a critical
foundation for fulfilling its enterprise strategies.
Stocks fell sharply Monday as the number of coronavirus
cases outside of China surged, with the Dow Jones Industrial
Average shedding more than 1,000 points intraday and erasing its
But as investors fretted over the outbreak’s potential impact on
the global economy, market commentators largely agreed that this
drop, however vicious, was warranted after months of a seemingly
Christopher Ailman is the outspoken chief investment officer of
the California State Teachers’ Retirement System, the second-
largest U.S. pension fund with a $248 billion investment
portfolio. CalSTRS is one of the major participants in Climate
Action100+, an investor initiative pressing large corporate
greenhouse gas emitters to take action on climate change.
Ailman spoke to S&P Global Market Intelligence about CalSTRS’
focus in 2020. The following interview has been edited for length