CalPERS CIO Abruptly Resigns

In a sudden news release Wednesday evening, CalPERS announced the departure of its chief investment officer, Yu Ben Meng. He was hired less than two years ago.

According to the news release, Meng is taking time to focus on his health and family. But Yahoo Finance reports that his departure “was in fact months in the making, the culmination of internal scrutiny, external attacks and personal anxiety...” The final straw reportedly came amid revelations that Meng held shares in private equity fund manager Blackstone Group Inc. at the same time he approved a CalPERS investment into Blackstone.

Meng’s departure is a major shakeup for the nation’s largest pension fund, and it comes at a highly sensitive and turbulent time. An emergency board meeting has been called for Monday, August 17.