US - David Cooper has been named chief investment officer of Indiana's two largest pension plans, a further step in merging the operations of two schemes with $22bn in combined assets.
This is the first time the Indiana State Teachers' Retirement Fund (TRF) and the Indiana Public Employees' Retirement Fund (PERF) will share a CIO.
Cooper (pictured) replaced PERF CIO Shawn Wischmeier who left to head investments at the $68bn North Carolina Retirement Systems in June, but has had TRF added to his responsibilities. TRF's former CIO Tim Walsh left in July to head the investment team at the New Jersey Investment Council.
The state decided to merge the operations of the two schemes as a cost-cutting measure. In May, Steve Russo was named executive director of both pension funds.
Russo said: "In the months since we created a single management team, increased cooperation has yielded millions in annual savings for the funds. While PERF and TRF remain distinctly separate plans with separate financial accounting, a collaborative investing and management approach has clearly benefited both funds."
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