CalSTRS Names Chief of New Investment Strategy and Risk Unit

The California State Teachers’ Retirement System (CalSTRS) has appointed Geraldine Jimenez as Director of Investment Strategy and Risk, confirmed Scott Chan, CalSTRS’ deputy chief investment officer. The new unit was established in May and is responsible for implementing and monitoring CalSTRS’ overall investment portfolio strategy and risk profile. The new unit’s primary goal is to …

NJ HF Cut Just Latest Action in Industry’s Value-For-Fees Pursuit

The New Jersey Division of Investment’s decision at the close of May to halve the state’s pension funds’ hedge fund allocation to 3% from 6% to save on asset management fees raised nary an eyebrow, viewed by the industry as just business as usual—just another fund in a long and growing list of institutional asset owners …

Asset Owner Profile: SITFO’s Madsen Believes Institutional Investment Pros are Underappreciated

In 2015, the State of Utah created the Utah School & Institutional Trust Funds Office (SITFO) to manage revenue from natural gas, oil, and the sale of state lands. That year, the trustees of the fund hired Peter Madsen as the fund’s first chief investment officer, a position he holds today.  Having moved around the industry over …

Shortfall in Women CIOs at Endowments is Mysterious: Skorina

Executive search firm Charles A. Skorina & Company has reviewed the number of women CIOs at big endowments and finds the shortfall in the number of women in this role “mysterious,” according to a report yesterday from the firm.  Among 109 North American endowments with more than $1 billion in assets under management, the firm …

Asset Owner Profile: Washington State’s Bruebaker Set on Securing Public Employees’ Financial Futures

Gary Bruebaker, chief investment officer of the Washington State Investment Board (WSIB), oversees $128 billion in assets, a portfolio that includes the retirement assets of over three quarters of a million current and former public employees. Having such a large pool of investments under his discretion and having booked more than 40 years in the …

Chief Investment Officers Fess Up on their Biggest Fears

At Markets Group’s 7th Annual Tri-State Institutional Forum, Antonio Rodriguez, director of investment strategy, NYC Board of Education Retirement System, posed the question:” What keeps you up at night, currently?” to the CIOs sitting on the Conversation with the Region’s Leading Chief Investment Officers panel.  We know there are a lot of sleep deprived CIOs …

South Carolina Seeks Shaved Fees through Co-Investments; Considers Simplified Asset Allocation

The approximately $31 billion South Carolina Retirement System Investment Commission (RSIC) is moving to embark on a private equity co-investment venture with an asset management firm to reduce the cost of its private equity portfolio. Also, the RSIC’s consultant, Meketa Investment Group, is working with the fund’s staff on an asset allocation review with the …

Institutional CIOs Opine on Governance, Asset Allocation at Tri-State Forum

At Markets Group’s 7th Annual Tri-State Institutional Forum, which took place on March 27th, Antonio Rodriguez, director of investment strategy at the New York City Board of Education Retirement System, moderated a panel entitled: Conversation with the Region’s Leading Chief Investment Officers. Rodriguez led the discussion with a trio of panelists that included: Anthony O’Toole, …

Colorado Finalizing Latest Five-Year Plan; A/L Study Due in June

The approximately $49.5 billion Colorado Public Employees Retirement Association (PERA) is entering the final stages of an asset-liability (A/L) study that it expects to be completed by June. The study is being administered simultaneously with the implementation of a five-year “strategic” plan that is intended to be a blueprint for PERA to achieve certain aspirational …

Asset Owner Profile: Montana’s Cullen Casts Himself as Lifelong Learner

Joe Cullen is the chief investment officer for the Montana Board of Investments (MBOI). Having held various roles with many types of financial institutions across a 25-year-plus career, has provided him with broad perspective on finance and investment and industry trends, as well as opportunities to learn from some “great people.” He says his career …