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Aug. 6, 2020, 8:21 a.m. EDT

Calpers investment chief abruptly resigns

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By Heather Gillers and Dawn Lim

California Public Employees’ Retirement System Investment Chief Ben Meng has resigned after about a year and a half in the position at the nation’s largest pension fund, according to the fund.

It marks an abrupt exit for the investment chief, who set out to implement a reform agenda at the giant pension. Meng  cut ties with a real-estate developer  on a high-profile hometown property project, fired underperforming stock pickers and pushed staffers to take a  closer look at private asset valuations

The resignation was effective Wednesday. Dan Bienvenue, deputy chief investment officer, will serve as interim chief investment officer.

The fund didn’t give a reason for Meng’s resignation. He had been scheduled to have at least one group call with staff on Thursday, a person familiar with the matter said.

An expanded version of this report appears at WSJ.com .

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