CalPERS hires Tollette as COIO

Wylie Tollette joins the $284bn US pension fund as its chief operating investment officer.

The California Public Employees’ Retirement System has hired Wylie Tollette as its chief operating investment officer effective from 31 March, according to a company statement.

The position has been empty since July 2013, when Tollette’s predecessor, Janine Guillot, left the organisation.

As chief operating investment officer, Tollette will be responsible for the business and operations functions of the investment office, leading on investment policy, compliance, operational risk and audit-related matters. He will be a member of CalPERS’ senior management team and executive staff.

Tollette joins from Franklin Templeton, where he worked for 19 years and was most recently senior vice president for portfolio analysis and investment risk management.

“Wylie is a strong and skilled operations executive with the investment industry experience necessary to lead CalPERS investment office,” Ted Eliopoulos, acting CalPERS chief investment officer, said in a statement.

This week the pension fund also named Dan Bienvenue as senior investment officer for global equity, responsible for its $141.8 billion portfolio in publicly traded equity investments globally, according to an earlier statement.

The move comes shortly after CalPERS said it would decrease its target allocation to private equity from 14 percent to 12 percent, its current allocation standing at 11 percent, Private Equity International reported earlier.

CalPERS also lowered its target allocation for public equity from 50 percent to 47 percent. However, the system raised its target allocation to real estate investments from 9 percent to 11 percent, and raised its infrastructure allocation from 2 percent to 3 percent, according to a statement.

The reduced target allocations will lower CalPERS’ investment risk, holding the fund’s long-term assumed return rate at roughly 7.5 percent, according to the pension fund.