Tag: CIO

The New Kentucky Investment Chief Just Got a 41% Pay Boost

Mary Pat Campbell

Link: https://www.ai-cio.com/news/new-kentucky-investment-chief-just-got-41-pay-boost/

Excerpt:

The new investment chief at the Kentucky Public Pensions Authority (KPPA) has received a 41% boost to his base salary. The hike comes after the plan’s board members this week approved a motion to lift the pay ceiling for top investment officials at the retirement system. 

Board members are hoping the compensation changes will help the underfunded pension plan hold on to KPPA CIO Steven Herbert. He started in January at the $20 billion retirement system, just as it is undergoing a complete rebranding and overhaul of its operations. KPPA was formerly known as the Kentucky Retirement Systems. 

Starting this month, Herbert can earn $235,000 annually, not including incentive pay, up from $167,000 per year. Steve M. Willer, the deputy executive director of investments, who is effectively the DCIO, can earn $190,000 per year, up from $165,000 annually. 

Author(s): Sarah Min

Publication Date: 9 April 2021

Publication Site: ai-CIO

CalPERS seen weighing proposal on rule changes for hiring, firing of CIO

Mary Pat Campbell

Link: https://www.pionline.com/pension-funds/calpers-seen-weighing-proposal-rule-changes-hiring-firing-cio

Excerpt:

The CalPERS board is looking at a change in the way it will decide who replaces Yu ‘Ben’ Meng as CIO of the fund.

CalPERS board is expected to weigh a move that would modify a recent governance change calling for the full board in conjunction with the CEO to hire, evaluate and terminate the pension fund’s CIO.

Author(s): ARLEEN JACOBIUS

Publication Date: 23 February 2021

Publication Site: Pensions & Investments

The Big Challenges Facing the New Kentucky Pension Plan CIO

Mary Pat Campbell

Link: https://www.ai-cio.com/in-focus/cio-spotlight/big-challenges-facing-new-kentucky-pension-plan-cio/?apos=1_art&utm_source=newsletter&utm_medium=email&utm_campaign=CIOAlert

Excerpt:

When Steven Herbert started at the Kentucky Retirement Systems (KRS) last week, after a monthslong talent search, he became the sixth investment chief in 13 years to take the helm at the struggling pension program. 

Kentucky Retirement Systems CIO Steven Herbert

The $18.3 billion state system has had a tough time holding on to its investment staff. Herbert will replace Rich Robben, the former CIO who departed last fall for a consulting position. But other allocators have decamped before him, including David Peden, now a consultant at Mercer subsidiary Pavilion; TJ Carlson, now CIO at Texas Municipal; Adam Tosh, now senior portfolio manager in Alaska’s Bristol Bay Native Corporation; and John Krimmel, now an NEPC consultant.  

Author: Sarah Min

Publication Date: 28 January 2021

Publication Site: ai-CIO

CalPERS expecting to announce new CIO this quarter

Mary Pat Campbell

Link: https://www.pionline.com/pension-funds/calpers-expecting-announce-new-cio-quarter

Excerpt:

Even as CalPERS officials were facing the dual challenges of managing investments and remote work during a pandemic, it was moving ahead with hiring a new CIO and expects to name one in the first quarter, a top official said.

Author: Arleen Jacobius

Publication Date: 25 January 2021

Publication Site: Pensions & Investments

CalPERS’ Former CIO on Saving America’s Public Pensions

Mary Pat Campbell

Link: http://pensionpulse.blogspot.com/2021/01/calpers-former-cio-on-saving-americas.html

Excerpt:

Gordon thinks very highly of Ben Meng and so do I. I’ve had the pleasure of talking with him a few times since he was appointed CIO at CalPERS and not only is he brilliant, he was always very nice and generous with his time.

The last time I spoke with Ben was in the summer via a webcast where he explained that CalPERS is not leveraging its portfolio by $80 billion. We spoke about a few things and I recommend you read my comment here to gain an appreciation of everything he was tying to do at CalPERS.

That was before his crucifixion In August where he was forced to resign.  

I’m on record stating the way Ben Meng was treated was absolutely shameful and disgusting.

I don’t need to expand on this, suffice it to say CalPERS lost one of the best CIOs in the world and they still haven’t replaced him.

Author: Leo Kolivakis

Publication Date: 19 January 2021

Publication Site: Pension Pulse