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