Universa Hires Research Director from CalPERS

Pensions & Investments
by Christine Williamson
April 7, 2020

Ronald Lagnado joined risk-mitigation specialist hedge fund manager Universa Investments as a director in the firm's research department on Monday.

Mr. Lagnado's position is new, part of the firm's expansion of its research team to accommodate demand from both public and private pension funds, said company spokesman Stefan Prelog in an email.

Mr. Lagnado will initiate research about tail-risk hedging strategies across asset classes as well as drawdown management strategies that help pension fund staffs manage liabilities and position their portfolios for long-term investment.

Mr. Lagnado reports to Mark Spitznagel, Universa's founder, president and chief investment officer, and Brandon Yarckin, chief operating officer.

Universa recruited Mr. Lagnado from one of its tail-risk hedging clients, the $350 billion California Public Employees' Retirement System, Sacramento, where he was senior investment director, trust-level portfolio management. While at CalPERS, Mr. Lagnado led CalPERS' research efforts in strategic asset allocation and the implementation of the pension fund's multiasset class portfolio, said CalPERS spokeswoman Megan White in an email. Ms. White said Mr. Lagnado's duties will be assumed by other employees.

Universa manages a total of $11.5 billion, of which $4.5 billion is managed with discretion, and the firm advises on the balance.