In his new role he will oversee a 180-member investment staff and a diversified portfolio that includes equities, fixed income, alternative investments, and real estate. According to the announcement, the CIO works closely with the Board of Administration in setting investment strategy, establishing the fund’s asset allocation and overseeing the fund’s external managers.
CalPERS investments include more than $132 billion in US and international stock; $53 billion in US and international fixed income; $9 billion in real estate; nearly $11 billion in privately held investments; and more than $3 billion in cash.
In his post as Deputy Chief Investment Officer for New York-based Deutsche Asset Management, Read had responsibility of more than $250 billion for retail and institutional investors in equity, fixed income and commodity-based investment products. He was also Chairman of the Deutsche’s Americas Investment Committee and principal representative to the firm’s retail mutual fund board of trustees, the announcement said.
Read is a Chartered Financial Analyst, Chartered Financial Consultant and a Chartered Life Underwriter. He also is the founder of the Institute for Investment Renewable Resources at the University of Maine and is head of the finance committee of the Fractional Development Center that is dedicated to the transformation of wood into energy and materials currently provided by crude oil.
Read replaces Mark Anson, who left CalPERS in January 2006 to become the Chief Executive Officer of Hermes (See CalPERS CIO to Take Top Spot at UK Money Manager ). Anne Stausboll was tapped as the interim CIO for the fund (See CalPERS Names Interim CIO).
Read will begin his position on June 1.