Chief Investment Officer Yu (Ben) Meng Resigns August 5, 2020

CalPERS has announced that its Chief Investment Officer Yu (Ben) Meng resigned effective August 5, 2020. Meng's resignation came three days after a scathing article published in the blog Naked Capitalism accused Meng of a variety of unethical, and possibly illegal, actions as Chief Investment Officer.

The Naked Capitalism article accused Meng of making false statements on his financial disclosure form, and of having personal investments that caused a conflict of interest with his duties as CalPERS Chief investment officer.

The brief press release from CalPERS announcing Meng's resignation (which follows) neither confirmed nor denied the accusations made in the Naked Capitalism article:

SACRAMENTO, Calif. – CalPERS announced today that Chief Investment Officer Yu (Ben) Meng is resigning, effective August 5.

Dan Bienvenue, deputy chief investment officer, will serve as interim chief investment officer. CalPERS will start an immediate search for a permanent successor.

Meng has been CalPERS’ chief investment officer since January 2019. Under his leadership, CalPERS recently announced a fiscal year 2019-20 return of 4.7%, beating its benchmark of 4.3% during a time of extreme financial market volatility sparked by the coronavirus pandemic.

“I deeply believe in the CalPERS mission of serving those who serve California,” Meng said. “I’m proud of the work we did to change the portfolio, build a skilled Investment Office, and set CalPERS on a strong path to achieve our return target. But at this time, it’s important for me to focus on my health and on my family and move on to the next chapter in my life.”