Baggesen has held the position on an interim basis since the departure of Christianna Wood earlier this year to join Capital Z Asset Management, an alternative asset management business (see Wood Bolts CalPERS for Hedge Fund Firm ).
Baggesen previously served as the fund’s Senior Portfolio Manager responsible for implementing and directing Global Equity’s internally managed portfolios including the Wilshire 2500 Equity Index Fund, International FTSE Index Fund, S&P 500 funds, Dynamic Completion Fund, REIT portfolios, and an internal equity enhanced portfolio. He also assisted in developing investment strategy.
In his new role, Baggesen is responsible for implementation and management of investment strategy and policy for the pension fund’s $132 billion portfolio in publicly traded equity investments worldwide. He directs more than 40 internal Global Equity staff along with external advisors and consultants who manage domestic and international equity assets for CalPERS.
Under his leadership, the unit also oversees CalPERS corporate governance, hedge fund, domestic long-short, cash management, and manager development programs; and the ongoing restructuring of the asset class that began last year. Baggesen reports to Anne Stausboll, Interim CalPERS Chief Investment Officer.
Baggesen joined CalPERS in November 2004 from State Street Global Advisors, where he was the Unit Head of Emerging Markets in the Global Structured Products Group for eight years. He managed the team responsible for more than $5 billion of emerging markets equities, and an additional $30 billion of global equity including the CalPERS FTSE index portfolio.
Previously, he spent seven years as a Senior Portfolio Manager with PanAgora Asset Management. He has over 15 years experience in quantitative and structured equity portfolio management mandates.
CalPERS is the nation’s largest public pension fund with more than $247 billion in assets.