Business & Real Estate

CalSTRS restructures investment staff, hires operating officer

CalSTRS has named its first-ever chief operating investment officer as part of a restructuring of the office that oversees the pension fund’s $186 billion portfolio.

The California State Teachers’ Retirement System said Debra Smith, who had been director of investment operations, is the pension fund’s chief operating investment officer.

CalSTRS also named two asset class directors. Glenn Hosokawa was named director of the $22 billion fixed-income portfolio, and Paul Shantic was named director of CalSTRS’ $1.4 billion inflation-sensitive portfolio. Both had been with CalSTRS in other investment-related roles.

Pension fund officials said the restructuring gives CalSTRS greater control over its portfolio.

“These three appointments, coupled with our 2010 creation of a deputy chief investment officer, completes a new organizational structure that allows us to bring more assets in house,” said Chief Investment Officer Christopher Ailman in a prepared statement. “This structure matches what you find in most large investment money managers. This also fits our plans to internally manage more of our assets – currently at 45 percent in house – to a projected 60 percent internally managed.”

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