The chief investment officer at one of the world's largest pension funds has resigned, citing family reasons.
The California Public Employees' Retirement System (CalPERS) announced Ted Eliopoulos will leave at the end of the year, with the search for his permanent replacement to begin immediately.
Eliopoulos said family reasons prompted the decision, explaining he and his wife have opted to relocate to New York City to be closer to his two daughters in college.
"It's been extremely rewarding to have helped steward an investment institution that serves so many hardworking and deserving California families. I am confident the transition to a new chief investment officer will be seamless as I leave the office in the hands of some of the most skilled investment professionals in the industry," he said.
CalPERS chief executive Marcie Frost said: "Under Ted's leadership, the investment office has greatly reduced the cost and complexity of the investment portfolio and increased transparency around fees."
"Because every dollar we save goes back into the fund, our members will directly benefit from those cost savings for years to come. Ted has always been guided by our fiduciary obligation to our members and the fund," Frost said.
Eliopoulos joined the US$355 billion fund in 2007 as senior investment officer for the real estate division and the real assets unit. Following the GFC, he led the restructuring of the asset class, refocusing on core investments in real estate and infrastructure that generated stable returns.
He was appointed interim chief investment officer in June 2013 before taking the role permanently in September 2014.
"Ted's commitment to the long-term health of the fund has been unwavering. It has been an honor to work with him, and we are incredibly grateful for his service to California over the past decade," CalPERS investment committee chair Henry Jones said.
CalPERS serves more than 1.9 million members in the retirement system and administers benefits for more than 1.4 million members and their families via its health program. It is the largest defined-benefit public pension in the US.