California Teachers’ Pension Fund Hires Pendleton James Associates for CIO Search

News release

Sacramento, CA – The California State Teachers’ Retirement System has selected Pendleton James Associates to conduct a nationwide search for its new chief investment officer.

Pendleton James Associates is one of the top investment management consulting firms in the U.S., and has more than 20 years experience in the investment management job market.

Final selection of the CIO should be completed by mid-August. The successful candidate will direct a staff of 46 people and oversee the management of an $111 billion portfolio. The CIO develops and implements strategies for overall asset allocation and investments in public and private equity, fixed income and real estate.

CalSTRS, the nation’s third largest public pension fund, posted an 18.3 percent return on its investments in 1999. This marked the fifth consecutive year for double-digit returns, with CalSTRS outperforming 72 percent of the other large public pension funds according to the Trust Universe Comparison Service.

The CIO search is necessary following the resignation of Patrick Mitchell, who leaves July 15, 2000. Mitchell resigned to seek opportunities in the equity management field following 12 years at CalSTRS, the last four as CIO.

Established by law in 1913, CalSTRS provides retirement benefits to more than 161,400 retired public school teachers and their families. More information on CalSTRS is available at its Web site,