Calpers CIO Ted Eliopoulos will join Morgan Stanley as vice-chairman of investment management and head of strategic partnerships, a bank spokesperson has confirmed.

Based in New York, he will work closely with investment and client teams across Morgan Stanley’s businesses to deepen partnerships with clients and act as an adviser to CIOs.

Eliopoulos will report to Dan Simkowitz, head of investment management and will join the operating committee as well as investment committees across the business.

He will also co-chair Morgan Stanley Investment Management’s Sustainable Investing Council.

Calpers, which has some $350bn in assets across public and private investments, announced in May that Eliopoulos would be stepping down to relocate to New York with his family.

“Under Ted’s leadership, the investment office has greatly reduced the cost and complexity of the investment portfolio and increased transparency around fees,” said Marcie Frost, CalPERS CEO, said at the time.

“Because every dollar we save goes back into the fund, our members will directly benefit from those cost savings for years to come. Ted has always been guided by our fiduciary obligation to our members and the fund.”

During his tenure, Eliopoulos implemented the Vision 2020 Strategic Plan, which saw the California pension pull out of hedge funds in 2014 part of a move to reduce complexity and fees, among other things.

It is not yet known when Eliopoulos will commence his role at Morgan Stanley.

Calpers CIO heading to Morgan Stanley on HFM InvestHedge.