Head of Securitized and Rates, Global Fixed Income

Job Posting:
Head of Securitized and Rates, Global Fixed Income

Public Employees Retirement System

JC-529023 - Head of Securitized and Rates, Global Fixed Income

INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

$20,062.50 - $33,437.50 per Month

Final Filing Date: 8/30/2026

CalPERS is seeking an Investment Director to lead the Global Fixed Income, Securitized Products, and Rates team and advance the investment objectives of the Public Employees’ Retirement Fund.

• Lead the management of the Public Employees’ Retirement Fund’s securitized and rates portfolios, with responsibility for portfolio strategy, performance, and risk oversight.
• Direct investment activity across agency mortgage-backed securities (MBS), securitized credit, and rates strategies involving a broad range of security types, including U.S. Treasuries, agency and non-agency MBS, CMOs, CMBS, CLOs, ABS, home equity loans, and hybrid ARMs.
• Serve as a senior leader within Global Fixed Income, contributing to asset allocation decisions and sector strategy for the unit.
• Provide regular market insights on securitized sectors, including supply and demand trends, relative value, volatility, swap market dynamics, and yield curve outlook.
• Evaluate relative value opportunities and risks to support portfolio construction and investment performance.
• Collaborate with internal stakeholders, including risk, research, and senior investment leadership, to support fund-wide objectives.
• Mentor investment staff and help foster a high-performing investment team.

Telework Information:
This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite, per week.

Sponsorship:
CalPERS does not participate in E-Verify for employment authorization purposes.

INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

$20,062.50 - $33,437.50

This position is eligible for annual and long-term incentive awards. The annual incentive opportunity is 0-120% of salary and is based on the level of achievement against several quantitative and qualitative measures. The long-term incentive program provides an additional opportunity of 0-120% of base salary beginning after five years and when absolute total fund returns meet or exceed board-approved thresholds. New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.

# of Positions: 1

Telework:
Hybrid

Job Type: Permanent, Full Time

California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $656.35 billion as of August 18, 2026. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we’re committed to people – the people we serve, our team members, and the larger community around us.

CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision, and their decisions and actions are guided by our Investment Beliefs.

If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website!

Minimum Qualifications:

All experience and education relating to the

Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. If you are using education to meet MQs, please include your transcripts with your application package. If you have a degree from outside of the United States, you must submit an evaluation of this degree to determine the US equivalency.

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