Investment chief for state pension system leaves after 2½ years; critics say pension investment goals can’t be achieved
The chief investment officer for Maryland’s $33.7 billion pension fund for the last two and a half years is leaving Oct. 31 to manage a much smaller $587 million endowment at a liberal arts college in Minnesota, where his family continued to live after he came to Maryland.
The search has not begun for a replacement to oversee the more than 180 outside advisers and consultants that help manage Maryland’s portfolio. But critics of the pension system last week said that anyone in the job would have trouble meeting the state’s annual goal of 7.75% return on investments – a goal the state has rarely achieved as it has underperformed the returns gained by half the other states.
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