CalPERS CIO Resigns

In a sudden news release Wednesday evening, CalPERS announced the departure of Chief Investment Officer Yu Ben Meng. He was hired less than two years ago.

Meng’s departure comes at a rough point for the U.S. economy and CalPERS’ portfolio performance. According to the news release, Meng is taking time to focus on his health and family.

Meng previously worked for CalPERS from 2008 to 2015 when he left for a job as deputy chief investment officer for China’s State Administration of Foreign Exchange. He was hired as CalPERS’ CIO in January 2019. As the Sacramento Bee notes, CalPERS’ Chinese investments have become a source of criticism for the fund.