Chatham Asset Management has hired the former chief of CalPERS’ hedge fund strategy, Ed Robertiello.
Ed Robertiello left CalPERS after the pension fund decided to pull its money out of hedge funds.
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Robertiello started Jan. 1 as a partner and director of strategic development, the $1.7 billion Chatham, New Jersey-based firm told clients in a letter today. Robertiello left Calpers in December, three months after it decided to divest the $4 billion it had invested in hedge funds.
Pension funds face challenges meeting their obligations to retirees as the Federal Reserve holds interest rates near zero, said Evan Ratner, Chatham’s head of research.
“Ed’s been in this position for Calpers, so we believe he will prove invaluable in understanding investor needs,” Ratner said in an interview.
“Institutional investors are going to continue to allocate to the industry,” Robertiello said in a phone interview. “We want to make sure Chatham’s prepared for it.”
Chatham’s largest hedge fund, the Chatham Asset High Yield Master Fund, invests in speculative-grade bonds and leveraged loans.
Before joining Calpers in 2012, Robertiello was an executive involved in alternative investments at Russell Investments, Credit Suisse Group AG, and the Blackstone Group LP, according to the letter. He began his finance career investing RJR Nabisco Inc.’s retirement and trust assets.
“We appreciate Ed’s contributions to the Calpers investment office and his work on behalf of our members, and wish him the best with Chatham,” Calpers chief investment officer Ted Eliopoulos said in an e-mail.
In September 2014, CalPERS made the decision to exit its $4 billion hedge fund portfolio.
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