US – Sean Harrigan has been ousted as president of the California Public Employees’ Retirement System, or CalPERS.

The Associated Press reported that the state Personnel Board voted 3-2 to eject Harrigan from the 177 billion-dollar fund. Harrigan was elected president in February 2003. At issue was CalPERS’ high-profile involvement in corporate governance.

He would be replaced by Ron Alvarado.

Harrigan was quoted as saying he was "saddened" to end his involvement in "restoring much needed integrity and accountability to our capital markets." AP said Harrigan’s supporters alleged corporate pressure and Republican lobbying.

CalPERS’ assets have risen this year from 161 billion dollars to 177 billion.

Meanwhile, the fund has said it has renewed the contracts of its international fixed income managers for one year. They are Baring Asset Management, Julius Baer, Bridgewater Associates, Rogge Global Partners, Wellington Management Company, and Western Asset Management.

It said: “The managers combined for an investment return of more than 13% for the year that ended on August 31, 2004, with total assets of 5.8 billion dollars.”

And it has also named Lori McGartland as acting chief of the actuarial and employer services division. She reports to Ken Marzion, assistant executive officer.

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