Villa had been executive director since 2018 and CIO since 2006.

One of most highly regarded investment chiefs in public pensions, Perry continues to keep a cool head during turbulent times.

Managing your pension deficit is more challenging today than in years gone by. As rates have fallen, the dollar value of liabilities has gone up tremendously – while asset values are highly volatile and are also being spent down at an increasing rate.

After dire predictions of disaster for high-yield paper, defaults never hit the painful levels forecast last spring.

Asset managers are expected to shift funds to private equity from infrastructure and to increase in-house management.

There are three reasons why, after long dwelling at subterranean levels, the cost of money will eventually poke its head up.