Press Release

CalSTRS Names Scott Chan as Chief Investment Officer

Issued by CalSTRS [California State Teachers' Retirement System]

May 15, 2024

WEST SACRAMENTO, Calif. – The California State Teachers' Retirement System, the world's largest educator-only pension fund, is pleased to announce the selection of Scott Chan as chief investment officer.

Chan, who has served as CalSTRS deputy chief investment officer since 2018, will replace longtime CIO Christopher J. Ailman, who is retiring.

The Teachers' Retirement Board conducted a global search before selecting the new CIO. Chan's first day in his new position will be July 1, 2024. He will report to the board's Investment Committee and the CEO.

"Scott has a unique combination of deep institutional investing skills and experience plus a down-to-earth leadership style, and he is committed to upholding the CalSTRS culture," Search Committee Chair Harry Keiley said. "He is unquestionably the right person to lead our talented and diverse team on behalf of California's public educators and their loved ones."

In his new role, Chan will be responsible for developing and implementing CalSTRS investment policies, strategies and initiatives; managing a significant and complex budget; fostering a collaborative culture of excellence and diversity, equity and inclusion; and overseeing all CalSTRS investment portfolios.

"As deputy CIO, Scott has already brought so much value to CalSTRS," CEO Cassandra Lichnock said. "He is helping lead the alignment of our organizational sustainability goals with our sustainable investing and net zero goals. I look forward to his partnership as we continue to fulfill our promise to California's teachers."

Chan will draw on his decades of financial expertise and institutional investment experience in directing a growing Investments Branch of more than 225 staff and continue contributing to the CalSTRS executive leadership team.

As deputy, Chan has been instrumental in the vision and direction of the Collaborative Model investment strategy, which brings more assets in-house and leverages external partnerships to save money, manage risks and increase expected returns to help protect and grow the Teachers' Retirement Fund.

The Collaborative Model has saved CalSTRS more than $1.6 billion since 2017, thanks in large part to Chan's thoughtful oversight, and has helped position CalSTRS as a premier global investment partner.

"I am honored to oversee CalSTRS investments and lead our amazing team," Chan said. "Securing the retirement of our members is extremely meaningful to me personally, as the husband of a California educator, and professionally, as we seek innovative opportunities in ever-changing financial markets."

"I am committed to driving excellence in how we invest, including advancing sustainability practices and promoting diversity across CalSTRS, our portfolio companies, partners and the industry. I'm humbled to follow Chris Ailman, a great friend and mentor, in maintaining our collegial and inclusive workplace culture and continuing to work with our CEO, Cassandra Lichnock, and our board's Investment Committee to achieve our goals."

Before joining CalSTRS, Chan was senior managing director of the University of California, Office of the CIO of the Regents, where he oversaw the $55 billion global equities portfolio. While at UC, he sat on the investment committees of the Los Alamos and Livermore National Laboratories defined benefit and defined contribution pension plans. Chan also served as chief investment officer for the Sacramento County Employees' Retirement System and was a partner and portfolio manager for several hedge fund partnerships, where he gained direct investing expertise.

Chan is a board member of the Toigo Foundation, co-chair and board member of the Institutional Investors Roundtable and serves on the Milken Institute's Executive Counsel for Diversity, Equity and Inclusion in Asset Management.

Chan earned a master's in business administration from Duke University's Fuqua School of Business and a bachelor's degree in economics from the University of California Los Angeles. He is a CFA Institute Chartered Financial Analyst.

About CalSTRS

CalSTRS provides a secure retirement to more than 1 million members and beneficiaries whose CalSTRS-covered service is not eligible for Social Security participation. On average, members who retired in 2022–23 had 25 years of service and a monthly benefit of $5,141. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with $332.5 billion in assets under management as of April 30, 2024. CalSTRS demonstrates its strong commitment to long-term sustainability principles in its annual Sustainability Report.

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