Moneta Group Investment Advisors has tapped Aoifinn Devitt to become the first female CIO to oversee the registered investment adviser (RIA)’s $27.4 billion in assets under management (AUM). Although Moneta is based in Missouri, Devitt will work from Chicago, where she lives.
Devitt joins Moneta from investment banker Federated Hermes, where she was head of investment for Ireland, and was responsible for developing investment management oversight processes for Hermes Fund Managers Ireland Limited. Prior to Federated Hermes, Devitt was CIO of the $2.6 billion Policemen’s Annuity and Benefit Fund of Chicago. She also founded Clontarf Capital, a pan-alternatives research and consulting firm.
The Irish-born Devitt succeeds Bill Hornbarger, who had been Moneta’s CIO since 2009, but left the company to become CIO at Benjamin F. Edwards in September.
“I don’t believe in dictating strategies and I will not be excluding anything,” Devitt said in an interview with CIO, adding that she is “excited to bring my alternatives expertise” as well as her global experience to the firm, having worked in Europe and Asia.
Devitt said that while she doesn’t believe there will be hyperinflation, she thinks “we will see a higher rate of inflation than we are used to” and said that one of her priorities going into the job will be to make sure that the portfolio is resilient against rising inflation. She noted that real estate, infrastructure, and equities are good hedges against inflation.
Regarding environmental, social, and governance (ESG) investing, Devitt said “I think we’re at a tipping point in time when ESG risks are really just like any other risks,” adding that ESG risk assessment “whether it’s climate change resilience, good governance, or ensuring a company does right by employees—those are basic hygiene factors in investing.”
In her spare time, Devitt hosts a podcast called “The Fiftyfaces Podcast,” where she shares inspiring stories that showcase role models from diverse backgrounds, particularly in business and finance. When asked which other CIOs Devitt admires, she cited Mark Steed, CIO of the Arizona Public Safety Personnel Retirement System (PSPRS), and Angela Miller-May, CIO of the Chicago Teachers’ Pension Fund, noting that Miller-May “pushes new boundaries” with diverse managers.
“Aoifinn’s impressive skill set and extensive experience across asset classes and management structures make her the perfect fit for the CIO role,” Moneta Chief Operating Officer Keith Bowles said in a statement. “We’re thrilled to welcome her to our senior leadership team and are eager to see her make her mark.”