Key Takeaways
- • The $31 billion Police and Firemen's Retirement System of New Jersey (PFRSNJ) is seeking a permanent Chief Investment Officer to lead its investment staff, according to a job posting from executive search firm CBIZ EFL Associates.
- • The pension plan plans to expand its investment staff from 23 members to approximately 36, including the CIO and a deputy CIO, with the posting describing this growth as "increase dramatically."
- • The fund covers more than 80,000 members at 579 employers and holds a 24% allocation to U.S. large-cap equity and 10% to private equity.
- • The fund issued a request for proposals for a custodial services provider, with proposals due September 18.
Summary
The Police and Firemen's Retirement System of New Jersey, a $31 billion multiemployer defined benefit plan with more than 80,000 members at 579 companies, is recruiting a permanent Chief Investment Officer to lead its investment staff. According to a job posting from executive search firm CBIZ EFL Associates, the CIO will help the board of trustees fulfill its fiduciary duties, monitor investment performance, recommend asset allocation and investment policy changes, and ensure compliance with board policies and applicable laws and regulations.
The role involves working with the investment staff and general investment consultant on all investment reporting and the evaluation and selection of external investment managers. The CIO must also collaborate with the New Jersey state treasurer and the director of the New Jersey Division of Investments, and provide recommendations to the executive director, the board of trustees and the board's investment committee. The posting says the candidate "must be a strong investment strategist."
The posting also signals a significant expansion of the team. Including the CIO and a deputy CIO, the pension fund's investment staff is expected to "increase dramatically" to approximately 36 members from the current 23. The current asset allocation, as listed in the article, includes 24% U.S. large-cap equity, 10% private equity, 9.5% non-U.S. developed index, 8% private debt, 7% U.S. Treasurys, 6% emerging markets equity, 6% global multi-sector fixed income, 5% U.S. corporate credit, 5% PFRS Mortgage, 4% U.S. small/mid cap equity, 4% real estate value add, 3% real estate core, 3% infrastructure, 2% cash, 2% non-U.S. developed small cap index and 1.5% emerging markets small cap equity.
Separately, the pension fund issued a request for proposals for a custodial services provider, seeking a "cost-effective custodial bank" for safekeeping and accounting of fund assets. Responsibilities include settling securities transactions, receiving dividends and interest, providing foreign exchange services, paying fund expenses, reporting failed trades and cash transactions, monitoring corporate actions and tracing loaned securities. Proposals are due September 18.
The role involves working with the investment staff and general investment consultant on all investment reporting and the evaluation and selection of external investment managers. The CIO must also collaborate with the New Jersey state treasurer and the director of the New Jersey Division of Investments, and provide recommendations to the executive director, the board of trustees and the board's investment committee. The posting says the candidate "must be a strong investment strategist."
The posting also signals a significant expansion of the team. Including the CIO and a deputy CIO, the pension fund's investment staff is expected to "increase dramatically" to approximately 36 members from the current 23. The current asset allocation, as listed in the article, includes 24% U.S. large-cap equity, 10% private equity, 9.5% non-U.S. developed index, 8% private debt, 7% U.S. Treasurys, 6% emerging markets equity, 6% global multi-sector fixed income, 5% U.S. corporate credit, 5% PFRS Mortgage, 4% U.S. small/mid cap equity, 4% real estate value add, 3% real estate core, 3% infrastructure, 2% cash, 2% non-U.S. developed small cap index and 1.5% emerging markets small cap equity.
Separately, the pension fund issued a request for proposals for a custodial services provider, seeking a "cost-effective custodial bank" for safekeeping and accounting of fund assets. Responsibilities include settling securities transactions, receiving dividends and interest, providing foreign exchange services, paying fund expenses, reporting failed trades and cash transactions, monitoring corporate actions and tracing loaned securities. Proposals are due September 18.
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