Calstrs, one of the biggest pension plans in the US, has announced the retirement of its long-serving chief investment officer Christoper Ailman.
Ailman, who has served as CIO at the $318bn California State Retirement System since 2000, shared his retirement plans at a fund board meeting on Thursday morning.
Calstrs, which manages pensions for more than 1mn teachers and educators in California, will commence a global search to replace Ailman, who will stay in his role until the end of June.
The development means two of the biggest plans in the US, managing a combined near trillion dollars, are now looking for new CIOs.
Calpers, the $432bn fund, is in the process of interviewing CIO candidates after the resignation of its former CIO, Nicole Musicco, in September last year.