Wisconsin's state investment board is looking to hire a new chief investment officer of public equities to replace Joseph Gorman who has decided to retire.
Gorman will retire at the end of August. A spokesperson for the State of Wisconsin Investment Board (SWIB) said that although no timetable was yet in place to find Gorman’s replacement, one should be in place before he retires.
SWIB is the state agency that invests the assets of the $62.1bn Wisconsin Retirement System (WRS), the pension fund of Wisconsin's state agencies and local governments. Originally, Gorman joined SWIB in 1994 as a trustee. He stepped down in January 2000 to take up the cio position.
According to WRS it is the 10th largest public pension fund in the US and the 20th largest public or private pension fund in the world. The WRS currently has more than 473,000 members and annually pays out $2bn in benefits.
By Geoffrey Ho
This week's edition of Professional Pensions is out now.
Nearly 60% of UK employers consider defined contribution (DC) master trusts to be the "most suitable" pension fund for their employees, according to research by Buck.
Companies which have tried to dodge their pension duties by changing their identities are being "hunted" by The Pensions Regulator (TPR) in a crackdown on non-compliance with auto-enrolment (AE).
Removing liquidity restrictions would enable DC funds to capitalise on the potentially higher and safer returns that DB schemes have benefitted from, says Patrick Marshall.