SAN FRANCISCO – Peter A. Guastamachio has been hired as State Compensation Insurance Fund’s Chief Investment Officer. He will begin his new job on February 23.
Guastamachio has more than 30 years experience in the financial world. Prior to being hired as State Fund’s Chief Investment Officer, he served as Vice President-Assistant Portfolio Manager for Bank of the West in Walnut Creek, CA. In this role he helped restructure the bank’s $9 billion investment portfolio enhancing returns through diversification into new sectors.
He also worked at Argonaut Insurance in Menlo Park, CA where he reached the rank of Assistant Vice President-Assistant Treasurer/Investment Director. While at Argonaut, Guastamachio managed the company’s $1.8 billion investment portfolio.
Guastamachio also worked as an investment banker with Bangert, Dawes, Reade, Davis & Thom, Inc. of San Francisco and as a tax shelter specialist with Sutro & Company, Inc. also of San Francisco. He began his career as an account executive with Dean Witter Reynolds.
“State Fund has a strong financial position thanks to a conservatively managed and diversified portfolio and Peter’s depth of experience and keen insight into investment strategy will provide important leadership in maintaining State Fund’s investment portfolio in these challenging economic times. With a current portfolio representing close to $20 billion in assets and carrying an average credit quality equivalent to an S&P rating of AA+, State Fund is proud to have someone of Peter’s caliber joining our team,” said State Fund President and CEO Jan Frank.
He received his Bachelor of Science degree from the University of California, Berkeley and an MBA from the Graduate School of Business at St. Mary’s College.
EDITOR’S NOTE: Established by the California Legislature in 1914, San Francisco-based State Compensation Insurance Fund is a self-supporting, nonprofit, fairly competitive public enterprise that provides workers’ compensation insurance coverage at cost to California employers.