People often associate the world of finance and investing with New York City, Wall Street, and stock traders frantically shouting “buy” or “sell” on the floor of the New York Stock Exchange.
But a bit of that world exists in downtown Sacramento on Q Street, at the CalPERS Investment Office.
The team of diverse and experienced professionals in the Investment Office works to carry out a vital mission: manage more than $500 billion in assets and generate returns to pay member benefits.
The Investment Office is made up of staff members in divisions that oversee different types of assets, such as stocks, bonds, or real estate. Other divisions are responsible for:
- Managing sustainable investments
- Investment Office compliance with investing rules and laws
- Talent management, office operations, and investment data analysis
In the 2023-24 fiscal year, the investment team achieved a 9.3% return, a rate that exceeded our goals, helped CalPERS and employers meet their pension obligations, and improved our funded status.
Let’s go behind the scenes at the CalPERS Investment Office and meet a few of the staff members who contributed to last year’s return.
Amrish Pattni, Associate Investment Manager, Global Public Equity
Amrish Pattni is a seven-year CalPERS veteran serving in the Global Public Equity Program, which oversees investments in publicly traded companies. He buys and sells assets like stocks at the CalPERS trading desk, ensuring CalPERS gets the best price in a transaction.
Pattni’s office matches the Wall Street image in some ways — monitors displaying stock tickers, traders at computers intently scanning investment data, and business news playing on televisions.
Except no one here is shouting.
“While the CalPERS trading desk tends to be one of the livelier areas of the investment office, the energy is calm and collegial, and rarely frenetic on any given day,” said Pattni.
Pattni has worked in the financial industry for 16 years and earned an MBA from Cornell University.
Like other CalPERS employees, Pattni joined the pension fund with a wealth of experience, a commitment to his work, and a strong interest in accepting the mission of serving members.
“We trade tens of billions of dollars annually across an array of products, and it can be challenging to stay current on global market events,” he said. “But I love working on behalf of our members and CalPERS’ mission was the primary reason I joined, so I thrive in this pace and environment.”
Maureen Ehrlich, Associate Investment Manager, Global Fixed Income
Maureen Ehrlich joined CalPERS in 2011 and is a member of the Global Fixed Income Program credit trading team, where she executes trades of corporate bonds and analyzes market trends.
She joined CalPERS in the information technology branch, but her knack for numbers led her to consider a career switch to investments.
“Investing really suited my love of numbers and data, so I decided to try to make the jump to investments,” said Ehrlich.
She earned an MBA from California State University, Sacramento, to build her skillset in finance and investing and landed a job as an investment officer with CalPERS, eventually working her way up to her current leadership role.
“I didn’t have direct investment experience, but my technical skills and my demeanor convinced the portfolio manager that I would be an asset to the team, and I had fantastic mentors,” she said.
Bonds are generally considered less volatile than other asset types and offer a predictable cash flow — vitally important to a pension system — so Ehrlich is always on the lookout for good deals.
“We are bombarded with so many bits of data in our jobs and lives that it can be a challenge to find the signal in the noise to act in a timely manner and seize an opportunity,” Ehrlich said. “But it’s important, because it’s my duty to help invest our members’ money responsibly.”
Ashmeet Virk, Investment Officer, Real Assets
Ashmeet Virk joined the CalPERS Real Assets Program in 2023. The program manages investments in real estate and infrastructure.
Virk has already been entrusted with some impressive responsibilities — underwriting new infrastructure investment opportunities, managing the existing investment portfolio, and contributing to strategic planning.
That makes sense considering her impressive background — a bachelor’s degree in business administration with a concentration in finance and accounting, and prior experience working for a pension plan consulting firm in Canada. She’s also studying to earn another credential to broaden her industry knowledge — the prestigious Chartered Financial Analyst designation.
Virk said investments in real estate and infrastructure are important because they can “deliver a stable and predictable cash yield, diversification, and inflation protection.”
So, what drew her to CalPERS?
“In my previous role, I developed an interest in being more directly involved in investment decisions, particularly in the infrastructure space. My current role gives me a great opportunity to expand my knowledge and expertise in this area.
“Additionally, working for a mission-driven organization like CalPERS has always been important to me, and it aligns with my values,” said Virk. “The opportunity to contribute to investments that will benefit CalPERS members is fulfilling.”
Amy Deming, Investment Director, Investment Controls and Operational Risk
Investing can be a risky business, but Amy Deming and her team work to keep operational risk to a minimum so pension assets are secured for beneficiaries.
“We monitor investments to ensure that assets are managed in alignment with our strategy while complying with the law,” said Deming. “We also make sure that CalPERS’ operations are sound, and that we do not take on any unknown or unwanted risk.”
Even with more than 20 years in the industry, Deming retains a healthy sense of humility that makes her value the expertise and input of her colleagues.
“You can’t know or understand everything about financial markets — they are complex,” Deming said. “So, it’s important to build a great team that can collectively understand risk.”
Deming was in the private sector before joining CalPERS three years ago. After finishing college, she found an entry-level job working for an asset manager, eventually rising through the ranks to a senior level position for a global investment management firm.
She credits her attention to detail for her move up the career ladder.
“I have always been a little too curious and way too detail-oriented, so I think those tendencies helped me,” she said.
After seeing the value that CalPERS benefits were providing to her extended family, Deming left the private sector to join the pension system.
“I feel immense pride when I can tell people that I’m part of a team working every day to ensure that public employees can count on retiring with dignity.”