New York —
“I have called for an emergency board meeting to discuss this situation, review these policies, the CEO’s oversight and implementation of these policies, and any additional safeguards necessary to ensure this does not happen again,” said Yee.Meng’s departure, after less than two years in the role, marks the end of a volatile period for him and Calpers.
In the statement early on Thursday, Calpers said Meng had helped the fund beat its “benchmark of 4.3% during a time of extreme financial market volatility sparked by the coronavirus pandemic”. Later in the day, the organisation thanked Meng for his service and said he “put us on a positive path forward”.
The allegations centred on a three-year stint Meng did from 2015 helping oversee China’s $3-trillion in currency reserves. During that time, he was deputy CIO of the State Administration of Foreign Exchange, or Safe.
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