Jerrold Mitchell has been named as the $30bn Massachusetts Pensions Reserves Investment Management Board's (PRIM) new chief investment officer.
Mitchell returns to institutional investing after a six year absence. In 1995 he retired from Wellington Management to attended Harvard and Episcopal Divinity Schools as a graduate student. He recently completed his doctoral work and will receive his degree in May 2001.
Prior to joining the PRIM board, Mitchell was a partner at Wellington Management in Boston. While he was at the the fund manager, Mitchell managed US and international equity portfolios for public and private pension funds, endowments, and mutual funds. Mitchell founded the asset manager's international department and served as its director.
Mitchell's experience with public pension funds dates back to the 1970's, and during his time he has been an investment advisor to the North Carolina Retirement Systems and the Teacher Retirement System of Texas. He has also been an advisor to the Ohio State Teachers’ Retirement System and the Alaska State Pension Investment Board.
Mitchell's appointment brings the PRIM board's long running search for a CIO to an end. Last September, Mitchell's predecessor Carol Casey left and the PRIM board's previous executive director, Scott Henderson, admitted that they had difficulties finding a suitable replacement. According to Henderson, applicants were put off by the high cost of living in Boston, as well as the $160,000 salary, which is dwarfed by the lucrative offerings available to those in private sector.
The Pension Reserves Investment Management Board is the body that supervises the Pension Reserves Investment Trust (PRIT) Fund. The PRIT Fund is a pooled investment fund that invests the assets of the Massachusetts State Teachers' and Employees' Retirement Systems, as well as the assets of the county, authority, district, and municipal retirement systems in the state.
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