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CalPERS hires portfolio manager

Randall Mullan, formerly of British Columbia Investment Management, will spearhead the $223bn pension fund’s infrastructure investment program starting October 14.

The California Public Employees’ Retirement System has appointed Randall Mullan as senior portfolio manager for infrastructure investments.

Mullan was formerly the head of private placements at the British Columbia Investment Management Corporation (BCIMC), a funds manager for public pensions and investment trusts. At BCIMC he led the development of its infrastructure investment program, including direct and fund investments. He will join CalPERS effective from October 14.

A person familiar with the situation said Mullan will assess new investment opportunities for the next calendar year since the pension fund will not commit any more money this year. He will be joined by less senior staff coming on board later this year, the person said.

Mullan will report to Farouki Majeed, who is the senior investment officer of CalPERS’ asset allocation. The inflation-linked asset class includes infrastructure, commodities, forest land and inflation-linked bonds.

The Sacramento-based public pension fund previously earmarked up to three percent of its total assets to infrastructure through the year 2010. It is exploring investment opportunities in both public and private infrastructure projects, including transportation, ports, energy, water, and communications.

CalPERS is the nation’s largest public pension fund with approximately $223 billion (€152 billion) in assets managed on behalf of 1.6 million public employees.