U.S. pension fund giant the California Public Employees’ Retirement System (CalPERS) has tapped Russell Read as its chief investment officer. Read is the former deputy CIO for Deutsche Asset Management and Scudder Investments.

Read, 42, has more than 20 years’ investment management experience, including expertise in global markets, asset/liability modeling, asset allocation, risk management, and experience across all asset classes. At CalPERS, he will oversee a 180-member investment staff and a diversified portfolio that includes equities, fixed income, alternative investments, and real estate. The CIO works closely with the Board of Administration in setting investment strategy, establishing the fund’s asset allocation and overseeing the fund’s external managers. He will begin on June 1.

“Russell is a highly respected and seasoned investment leader with a strong reputation for investment vision and innovation,” said Rob Feckner, president of CalPERS board. “He brings a wealth of investment management experience that will help us achieve our investment goals for our 1.4 million public employees, our employers and California taxpayers.”

At DAM, Read had responsibility of more than $250 billion for retail and institutional investors in equity, fixed income and commodity-based investment products. He was also chairman of the Deutsche’s Americas Investment Committee and principal investment representative to the firm’s retail mutual fund board of trustees.

Read previously served as global head of quantitative investing and research at Zurich Scudder and has held senior investment positions with the OppenhiemerFunds, CNA Insurance, Prudential Insurance, and First Chicago. He also held academic positions at the University of Maine and Stanford University teaching courses in financial risk management and statistical methodology.

Read holds a doctorate in political economy, a master’s in economics, and a master’s in political science, all from Stanford University. He also received a master’s in business administration in finance and international business and a bachelor’s in economic statistics, both from the University of Chicago. He is a Chartered Financial Analyst, Chartered Financial Consultant and a Chartered Life Underwriter.

“We are fortunate to have Russell to lead our investment team,” said Charles Valdes, chair of CalPERS Investment Committee. “I’m confident that he will be able to develop innovative and new successful investment initiatives that will help us add value to our fund.”

Read replaces Mark Anson, who left CalPERS in January to become the CEO of Hermes.