California Public Employees' Retirement System, the largest US pension fund, has retained an executive search firm to find a new chief investment officer. The pension fund, which ranks as the largest in the US, also disclosed that its assets have broken the $200bn (€167bn) mark for the first time.

The California pension fund, known as Calpers, said Atlanta-based Fiderion Group will conduct an executive search which is expected to take six to eight months.