James Hearty has been named as the new executive director of the $30bn Massachusetts Pensions Reserves Investment Management Board (PRIM).
Hearty, who has been on the PRIM board since 1991, will take over from Scott Henderson who leaves to rejoin the Boston law firm of Bingham Dana. Hearty is also currently chairman of the investment committee.
Additionally, the PRIM board is still searching for a replacement for Carol Casey, the former chief investment officer who left last September. According to Henderson, the fund has had difficulty recruiting, due to applicants being 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 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.
By Geoffrey Ho
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