CalSTRS deputy CIO retires after 27 years
07 August 2017 California
Image: Shutterstock
The California State Teachers鈥� Retirement System鈥檚 (CalSTRS) deputy chief investment officer (CIO) Michelle Cunningham has retired, having spent 27 years with the pension plan.
Cunningham, who will end her public service career on 31 December, has had an investment career spanning 35 years and was the first internal investment officer to be appointed at CalSTRS in 1991.
At the time of her hiring, CalSTRS鈥檚 total fund was valued at $35 billion. It now has assets totalling approximately $208.7 billion, as of 30 June 2017.
Promoted to director of fixed income in 1997, Cunningham was responsible for managing several portfolios, including mortgage-backed securities. She was made deputy CIO in 2012.
Christopher Ailman, CIO of CalSTRS, said: 鈥淪he [Cunningham] is a commanding force to reckon with, this combination of traits defined her leadership style. She鈥檚 well-respected, and our staff naturally want to do their best for her. She has been instrumental at helping us achieve superior returns.鈥�
Allan Emkin, managing director at Pension Consulting Alliance, which acts as general investment consultant to CalSTRS, said: 鈥淢ichelle Cunningham will not be hard to replace, she will be impossible to replace. Whoever follows in her footsteps may do a great job, but they will never match the constant source of intelligence and friendship we鈥檝e shared.鈥�
A temporary replacement will be announced until a permanent replacement is hired.
Cunningham, who will end her public service career on 31 December, has had an investment career spanning 35 years and was the first internal investment officer to be appointed at CalSTRS in 1991.
At the time of her hiring, CalSTRS鈥檚 total fund was valued at $35 billion. It now has assets totalling approximately $208.7 billion, as of 30 June 2017.
Promoted to director of fixed income in 1997, Cunningham was responsible for managing several portfolios, including mortgage-backed securities. She was made deputy CIO in 2012.
Christopher Ailman, CIO of CalSTRS, said: 鈥淪he [Cunningham] is a commanding force to reckon with, this combination of traits defined her leadership style. She鈥檚 well-respected, and our staff naturally want to do their best for her. She has been instrumental at helping us achieve superior returns.鈥�
Allan Emkin, managing director at Pension Consulting Alliance, which acts as general investment consultant to CalSTRS, said: 鈥淢ichelle Cunningham will not be hard to replace, she will be impossible to replace. Whoever follows in her footsteps may do a great job, but they will never match the constant source of intelligence and friendship we鈥檝e shared.鈥�
A temporary replacement will be announced until a permanent replacement is hired.
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