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Nation's largest public pension is losing its investment chief

Dan Primack, author of Pro Rata

Photo by Max Whittaker/Getty Images

Ted Eliopoulos is stepping down as chief investment officer at the California Public Employees' Retirement System, after a four-year run.

Why it matters: CalPERS is the country's largest public pension system, with more than $325 billion in assets under management.

Eliopoulos will leave at year-end, and a search for his successor begins immediately.

In a statement, Eliopoulos said he is relocating to New York so that he can be closer to his family. Prior to becoming CIO in 2014, Eliopoulos has overseen CalPERS' real assets investing program.

Go deeper

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Investors increase their exuberance

Illustration: Eniola Odetunde/Axios

U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.

Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.

Go deeper (1 min. read)Arrow
Bethany Allen-Ebrahimian, author of China
3 hours ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.

Go deeper (1 min. read)Arrow
Ina Fried, author of Login
4 hours ago - Technology

China will dominate AI unless U.S. invests more, commission warns

Photo illustration: Axios Visuals. Photo: Krisztian Bocsi/Bloomberg via Getty Images

The U.S., which once had a dominant head start in artificial intelligence, now has just a few years' lead on China and risks being overtaken unless government steps in, according to a new report to Congress and the White House.

Why it matters: Former Google CEO Eric Schmidt, who chaired the committee that issued the report, tells Axios that the U.S. risks dire consequences if it fails to both invest in key technologies and fully integrate AI into the military.

Go deeper (2 min. read)Arrow