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James Sterling Gunn CalPERS | Markets Group

CalPERS’ director of trust level portfolio program to retire

By Muskan Arora

James Sterling Gunn, managing investment director at the $547.2B California Public Employees’ Retirement System, is retiring.

Gunn led the pension plan’s Trust Level Portfolio Management program. Stephen Gilmore, CalPERS’ chief investment officer, announced the retirement during a recent investment meeting. While the retirement date is yet to be disclosed, he said Gunn is not leaving immediately and will be with the plan for a while.

He joined the pension plan in October 2022 as a successor of Eric Baggesen, who retired after being with the fund for 16 years.

“I’d like to note my thanks and gratitude for all his efforts,” said Gilmore.

Prior to joining CalPERS, Gunn worked at JSG Advisory, a fund he founded. Before that he served as co-head of total portfolio strategy at Singapore’s $800B sovereign wealth fund, GIC. He also served as the vice-president and head of quantitative research at the $525.8B (C$714.4B) Canada Pension Plan Investment Board.

The pension plan’s trust level portfolio refers to its overall investment portfolio.

During the meeting, Gilmore also announced that Brian Leu was named interim head of total fund and performance management. He is currently CalPERS’ head of securities finance.

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