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CalPERS investment chief steps down at $400 billion pension fund

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The investment chief of CalPERS, Yu Ben Meng, has resigned effective immediately, the largest public U.S. pension fund said on Wednesday, amid pressure from the Trump administration to curb investments in China.

FILE PHOTO: A view of California Public Employees' Retirement System headquarters in Sacramento, California, U.S. February 14, 2017. REUTERS/Max Whittaker

In between the CalPERS stints, Meng worked for three years as deputy CIO with China’s State Administration of Foreign Exchange , which oversees China’s U.S. Treasury security holdings. And the White House successfully lobbied an independent board charged with overseeing billions in federal retirement dollars with suspending plans to allow a fund to track an index that invests in Chinese companies.

CalPERS did not immediately comment on Banks’ remarks on Thursday, but at the time of his February letter, CEO Marcie Frost defended Meng in a statement.

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