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California state controller asks CalPERS to investigate CIO's exit

REUTERS/Max Whittaker

The California State Controller Betty Yee has called for the board of the California Public Employees’ Retirement System (CalPERS), the largest public U.S. investment fund, to launch an inquiry into the abrupt exit of its chief investment officer.

Yu Ben Meng, a U.S. citizen born in China, resigned from his position at the $400 billion funds last week, saying he needed to focus on his health and family.

In a letter sent to CalPERS’ Board President Henry Jones on Monday, Yee called for a “swift and thorough inquiry” to determine whether any laws had been violated or whether the pension system had suffered “financial and reputational damage”.

Yee said the board should convene within 48 hours of receipt of the letter.

Meng’s resignation came amid pressure from the Trump administration to curb investments in China.

Meng has twice worked for CalPERS, the first time starting in 2008 and the second time beginning in January 2019 when he became CIO, according to the fund’s website.

11 August 2020

News Source Reuters

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