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CalPERS investment chief steps down at $400 billion pension fund – TheChronicleHerald.ca

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4 years ago

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(Reuters) – California Public Employees’ Retirement System (CalPERS) said late Wednesday Yu Ben Meng resigned as its chief investment officer and Dan Bienvenue, deputy chief investment officer, will become interim CIO.

The nation’s largest public pension fund, which manages pension and health benefits for more than 1.6 million California public employees, retirees and their families, said in a statement it will begin an immediate search for a permanent successor.

The statement did not disclose a reason for Meng’s departure and CalPERS declined to comment when contacted by Reuters.

Meng, who joined the fund in January 2019, is “resigning, effective August 5”, the statement said.

A U.S. citizen born in China, Meng has twice worked for CalPERS – the first time in 2008 and the second beginning in January 2019 when he became CIO managing $400 billion in investments, according to the CalPERS website.

Back in February, U.S. Representative Jim Banks of Indiana in a letter to California Governor Gavin Newsom called for an investigation into Meng, citing the CIO’s “cozy” relationship with Beijing and assailed the fund’s investments in Chinese companies.

Banks, who is a Republican, strongly urged California to fire Meng in the letter.

In defense of the allegations levelled against Meng, CalPERS Chief Executive Officer Marcie Frost said “this is a reprehensible attack on a U.S. citizen. We fully stand behind our chief investment officer who came to CalPERS with a stellar international reputation.”

In March, U.S. national security adviser Robert O’Brien said U.S. President Donald Trump’s administration is “looking at” investments in Chinese military companies by CalPERS.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Bernard Orr)

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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3 weeks ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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4 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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4 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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