Steve Rodeman, the deputy director of Oregon’s Public Employees Retirement System (PERS), has been chosen as the pension’s new executive director.
On Friday, the PERS board voted unanimously to elect the 13-year veteran to the post, local news website oregonlive.com reported.
Current executive director, Paul Cleary, announced he would retire on December 1 in July, sparking an extensive search for a replacement. Cleary has led the fund for 10 years.
In March, state lawmakers and public pension representatives pushed for legislative reform to align fiduciary responsibility and bring risk and portfolio management in-house.
Under current governance policy, the treasurer has authority over investment and personnel oversight and cash management via the Oregon Investment Council (OIC). As a result of this structure, the state has had to outsource much of its risk and portfolio management to Wall Street money managers.
Although Rodeman has been with PERS for more than a decade, his role has been on the operational rather than investment side of the organisation.
No official comment had been made by Oregon PERS at the time of going to press.
Elsewhere, the University of Florida Investment Corporation announced it had appointed a new CIO.
William Reeser, who most recently oversaw investments for St. Jude’s Children’s Research Hospital, one of the nation’s two largest health care charities, will step into the role of running $2.7 billion in direct investments.
Reeser previously spent 14 years with his previous employer, based in Memphis, Tennessee.
He will start at his new post in Florida on November 10.
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