GLOBAL - CalPERS hires investment chief

Dear will begin work in March and start by deciding, with the board, how to allocate funds in the year ahead. He will head a staff of 220, who manage assets totalling $175bn. At its peak in 2007, CalPERS assets under management stood at $260bn, but it has been hamstrung by high executive turnover. Four senior staff, including the chief executive officer, have quit within the past year and the company recently appointed a new chief executive, Anne Stausboll.

The pension fund lost 2.4 per cent in its last fiscal year to June 2008 - its lowest return in six years. It warned that it might need to lift state contributions to the fund, although this would not take place until 2010.

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