Over the past month we have seen a number of senior investment officers leaving large US pension funds for other opportunities.
Oregon State Treasury (OST) has announced earlier this month that its CIO, Ron Schmitz is leaving to join Virginia Retirement System as its new CIO. Schmitz has been leading OST’s investment team since 2002 and during that time pension funds’ investment portfolio, including private equity, has posted returns that rank among the highest in the US. Ron Schmitz is set to leave OST in October, 2011.
New York State Common Retirement Fund revealed the departure of its CIO, Raudline Etienne who has been with the pension funds since 2008. She will be taking a position as Senior Director at Albright Group. Marjorie Tsang, currently the Assistant Comptroller for Real Estate Investments, will begin serving as interim CIO of the pension fund on September 16, 2011.
It has also recently been reported that Massachusetts Pension Reserves Investment (MassPRIM) has lost two of its investment professionals, Wayne Smith, the long time head of private equity and a senior investment officer Michael Langdon. Smith has left the firm for Pathway Capital Management, while Langdon is due to leave the pension fund on October 14 for Hermes GPE.
OST, New York State Common Retirement Fund and MassPRIM are among the largest North American public pension funds investing in private equity. Preqin’s Investor Intelligence ranks New York State Common Retirement Fund as the fifth largest North American public pension fund in terms of current allocation to private equity, followed by OST (6th place) and MassPRIM (17th place).