The $30 billion Los Angeles Fire and Police Pensions (LAFPP) has named Ray Joseph, a vice president at Wilshire Associates, as its new chief investment officer starting June 14. He will replace Tom Lopez, who is retiring after more than 40 years with the pension fund.
“After a lengthy search, I selected Mr. Joseph as the new CIO for LAFPP,” LAFPP General Manager Ray Ciranna told CIO in an email.
Joseph, who has over 25 years of public and private investment experience, will lead LAFPP’s investment team and manage more than $30 billion in assets under management.
“I am thrilled that Ray will be leading the team,” Ciranna said in a statement. “He brings a wealth of knowledge and I look forward to him building on the success of our strong investment program.”
As a vice president at Wilshire Associates, Joseph provided investment strategies for pension plans, endowments, foundations, and family offices. Prior to Wilshire, Joseph worked for Barclays and was responsible for cross-asset strategy, asset allocation, and investor solutions for pensions, endowments, and foundations.
He was also the principal deputy special trustee for the Office of the Special Trustee within the US Department of Interior, where he oversaw $4.3 billion in assets for more than 500 Native American tribes, and $1 billion for the US Treasury Department.
Joseph also served as the deputy CIO and the acting CIO for the State of New Jersey’s Division of Investment, where he managed pension investments, deferred compensation plans, and the state’s cash management program.
Lopez, who told CIO he will leave the pension fund a few days after Joseph starts, has led the LAFPP from a small office of four money managers overseeing approximately $400 million in 1980 to 40 managers investing more than $30 billion in assets today.
“The LAFPP Commissioners wholeheartedly thank Tom Lopez for his years of service,” LAFPP Board President Brian Pendleton said in a statement when Lopez announced his retirement in December. “His steady hand and wise advice are a pillar to the success of this fund.”