07 August 2017
California
Reporter: Jenna Lomax

CalSTRS deputy CIO retires after 27 years


The California State Teachers’ Retirement System’s (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’s 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: “She [Cunningham] is a commanding force to reckon with, this combination of traits defined her leadership style. She’s well-respected, and our staff naturally want to do their best for her. She has been instrumental at helping us achieve superior returns.”

Allan Emkin, managing director at Pension Consulting Alliance, which acts as general investment consultant to CalSTRS, said: “Michelle 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’ve shared.”

A temporary replacement will be announced until a permanent replacement is hired.

More news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Pension plans accuse banks of anti-competitive behaviour
18 August 2017 | New York | Reporter: Drew Nicol
Three US pension plans have accused six of securities lending’s biggest banks of blocking nascent platforms and keeping the market for themselves
Repo passes judgement on MMF collateral rules
18 August 2017 | Brussels | Reporter: Drew Nicol
Thirteen industry stakeholders made up of major global banks and industry associations responded, with largely positive feedback on ESMA’s proposals
UBS expands securities lending team
17 August 2017 | Zurich | Reporter: Drew Nicol
UBS’s has regained Iwan Lichtsteiner as a member of its fixed income, securities lending and financing team, effective from October
Clearstream angling for central role in China’s market growth
17 August 2017 | Luxembourg | Reporter: Drew Nicol
Deutsche Börse Group and Clearstream representatives will be present at the Shanghai International Financial Advisory Council being at the end of August
Whitebox Advisors chooses Broadridge suite solution
17 August 2017 | New York | Reporter: Drew Nicol
Whitebox Advisors has mandated Broadridge Financial Solutions to transform its technology platform into a fully integrated, hedge fund operation
Clearstream confirms rates for September
16 August 2017 | London | Reporter: Jenna Lomax
The market infrastructure provider charges different rates for equities and debt, and on a per currency basis
CloudMargin unveils microsite for OTC derivatives
15 August 2017 | London | Reporter: Jenna Lomax
The new microsite, designed by UK-based design agency Eight Arms, was created to help financial institutions globally become accustomed to the new margin rules and other regulations affecting their collateral management functions