Calpers Taps Stephen Gilmore of New Zealand Fund as Next CIO (2)

The California Public Employees’ Retirement System hired Stephen Gilmore from New Zealand’s sovereign wealth fund as chief investment officer to run its roughly $495 billion portfolio.

Gilmore, who held the same role for the New Zealand Superannuation Fund, will start in July, Calpers said Tuesday in a statement.

The largest US pension system is looking to snap a long spell of lackluster returns and leadership churn. Its previous CIO, Nicole Musicco, abruptly departed in September, less than two years after taking over as the pension’s fourth CIO since 2009.

“Stephen has worked in very public roles during his ...