Indiana Pension System CIO Leaves for Foundation

David Cooper will lead the $3 billion Purdue Research Foundation upon leaving the $30.2 billion retirement system in September.

David CooperDavid CooperThe Indiana Public Retirement System (INPRS) has lost its CIO.

Investment chief David Cooper will be departing the $30.2 billion pension system in September after eight years to serve in a similar position with the $3 billion Purdue Research Foundation at his alma mater.

“David has provided outstanding investment leadership during a challenging investing environment,” said Steve Russo, the funds’ executive director. “His legacy will be the team of outstanding investment professionals he built during his tenure at INPRS.”

According to the pension system, it enjoyed a 13.7% gain net-of-fees in fiscal year 2014. The plan also returned 10.5% and 8.4% for five and three-years ending June 30, 2014.

The retirement system—which manages seven separate pension plans including the public employees’ and teachers’ funds—also boasts a 90.2% funded status.

Cooper joined the public employees’ plan in 2007 and was named its CIO in June 2010. Following the fund’s merger with the teachers’ retirement plan in 2011, Cooper was appointed as the first CIO to oversee both assets.

He inherited the two plans from Shawn Wischmeier and Tim Walsh, who went onto join the Margaret A. Cargill Philanthropies and New Jersey’s investment division, respectively.

INPRS said it would lead a national search for Cooper’s replacement.

In the meantime, current Deputy CIO and Director of Public Equity Scott Davis will serve as interim CIO, the fund said.

“I’m very proud of the successes the INPRS investment team has achieved during my tenure,” Cooper said. “But this is an excellent opportunity to return to my alma mater and be a part of the exciting changes occurring at the Purdue Research Foundation.”

As CIO of the foundation, Cooper will be responsible for developing and implementing investment policies and strategies.

In addition to his tenure at the public pension plan, Cooper spent time as a consultant with WellPoint (now insurer Anthem).

Cooper has a bachelor’s degree from Purdue University and an MBA from Butler University. He also holds both CFA and CAIA certifications.

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