Turnover at CALPERS as Ben Meng Steps Down

America's largest pension fund ($409bn), CalPERS (the California Public Employees Retirement System) has lost its investment chief Ben Meng, after around one and a half years in the job.  Its Deputy CIO, Dan Bienvenue, has stepped in as interim head. Ben was formerly Deputy CIO of SAFE (China's State Administration of Foreign Exchange). CalPERS delivered a 4.7% return for the year ended 30 June (exceeding the median return for public pension funds of 3.2% in the same period).