CalPERS hires Nicole Musicco as chief investment officer
22 February 2022 California
Image: CalPERS
The California Public Employees’ Pension Retirement System (CalPERS), one of the largest pension funds involved in securities lending, has announced the hire of Nicole Musicco as chief investment officer.
Effective from 28 March, Musicco will become the second woman to lead the investment operations.
She will report to CEO of CalPERS, Marcie Frost, and lead a team of more than 300 investment professionals.
Musicco joins CalPERS from RedBird Capital Partners, where she led the firm’s Canadian investment business.
Prior to this, Musicco managed the private markets investment programme at the Investment Management Corporation of Ontario.
Her experience also includes 16 years with the Ontario Teachers’ Pension Plan, leading both the private equity and public equity investment teams. She opened the fund’s Asia Pacific office in Hong Kong and helped build its presence in Asia.
Marcie Frost, CEO at CalPERS comments: “Nicole’s experience, vision and skill as an investor in public and private markets is critical for CalPERS. We were determined to take our time to ensure we found the right candidate who could succeed in a high-pressure and demanding environment. Nicole is exactly the leader we want to lead CalPERS’ investment office and is an exceptional addition to our team.”
Commenting on her new position in an online statement, Musicco says: “CalPERS has achieved remarkable success during the last five years, strengthening the organisation, navigating the pandemic, and improving its funded status. My goal is to build on these achievements recognising that, as long-term investors, CalPERS must maintain focus and discipline to deliver consistent investment returns and retirement security for dedicated public servants.”
Theresa Taylor, president of the CalPERS Board, adds: “Nicole’s leadership and experience are well suited for the strategic goals we’ve outlined for our fund. We are getting the investor we need to skillfully manage our investment portfolio on behalf of our members, now and in the future.”
Musicco joins CalPERS at a time when the pension fund has increased its funded status from 60 per cent, five years ago, to 80 per cent today and is increasing its investments in private markets to continue closing the gap.
Effective from 28 March, Musicco will become the second woman to lead the investment operations.
She will report to CEO of CalPERS, Marcie Frost, and lead a team of more than 300 investment professionals.
Musicco joins CalPERS from RedBird Capital Partners, where she led the firm’s Canadian investment business.
Prior to this, Musicco managed the private markets investment programme at the Investment Management Corporation of Ontario.
Her experience also includes 16 years with the Ontario Teachers’ Pension Plan, leading both the private equity and public equity investment teams. She opened the fund’s Asia Pacific office in Hong Kong and helped build its presence in Asia.
Marcie Frost, CEO at CalPERS comments: “Nicole’s experience, vision and skill as an investor in public and private markets is critical for CalPERS. We were determined to take our time to ensure we found the right candidate who could succeed in a high-pressure and demanding environment. Nicole is exactly the leader we want to lead CalPERS’ investment office and is an exceptional addition to our team.”
Commenting on her new position in an online statement, Musicco says: “CalPERS has achieved remarkable success during the last five years, strengthening the organisation, navigating the pandemic, and improving its funded status. My goal is to build on these achievements recognising that, as long-term investors, CalPERS must maintain focus and discipline to deliver consistent investment returns and retirement security for dedicated public servants.”
Theresa Taylor, president of the CalPERS Board, adds: “Nicole’s leadership and experience are well suited for the strategic goals we’ve outlined for our fund. We are getting the investor we need to skillfully manage our investment portfolio on behalf of our members, now and in the future.”
Musicco joins CalPERS at a time when the pension fund has increased its funded status from 60 per cent, five years ago, to 80 per cent today and is increasing its investments in private markets to continue closing the gap.
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