Dear Chosen for CalPERS CIO Job

January 21, 2009 ( - The California Public Employees' Retirement System (CalPERS) has turned to the executive director of the Washington State Investment Board as the new CalPERS Chief Investment Officer (CIO).

A CalPERS news release said Joseph A. Dear will oversee more than 220 investment professionals and support staff and a $178-billion portfolio that includes stocks, fixed income, private equity, real estate and inflation-linked assets.

The CIO also works closely with the Board of Administration in setting investment strategy, establishing the fund’s asset allocation and overseeing the fund’s external managers, the release said.

Dear, who is also Chairman of the Council of Institutional Investors, will assume his new role at CalPERS in March, according to the announcement.

“Mr. Dear has more than 20 years experience managing large governmental bodies, and in particular under his leadership over the last six years, Washington State Investment Board has had good results and been exceptionally well managed,” said Rob Feckner, President of the CalPERS Board of Administration.

According to the announcement, Dear has held his post as Executive Director of WSIB since 2002. Dear has led nearly 80 staff, including 23 investment professionals overseeing management of $67 billion and 39 funds. WSIB invests in similar asset classes to CalPERS and uses both passive and active management strategies.