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Calpers loses head of $20bn alternative investments

Rick Hayes, the senior investment officer for the alternative investment programme at the California Public Employees' Retirement System (Calpers), has resigned to join an alternative asset management house.

He will head the fund-of-funds investment of Oak Hill Capital Management, an alternative asset manager founded by Robert Bass, the Texan billionaire, with offices in New York, Menlo Park, and Texas.

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