Calpers CIO Musicco to Step Down After Less Than Two Years (3)

The California Public Employees’ Retirement System said Chief Investment Officer Nicole Musicco will step down less than two years after she joined the largest US pension fund, sparking another round of turmoil in the high-profile public investing office.

Musicco, 49, will leave her position at Calpers Sept. 29 to focus on her family in Canada, according to a statement on Friday from Calpers. She oversaw about 400 employees and managed an investment portfolio of about $500 billion.

Nicole Musicco

Photographer: Victor J. Blue/Bloomberg

She joined Calpers early last year after a long search to replace Ben Meng, who abruptly departed in August 2020. ...