The chief investment officer of the multi-billion dollar Abu Dhabi state pension fund has quit for a senior role at the California Public Employees' Retirement System, one of the world's biggest institutional investors.

Farouki Majeed will join Calpers as senior investment officer for asset allocation, meaning he will lead a team with responsibility for the overall structure of the fund's $245bn (€181bn) portfolio. He will report to chief investment officer Russell Read.