The $73.5B Maryland State Retirement and Pension System (SRPS) is appointing Dianne Sandoval its new chief investment officer, effective January 2026.
In her new role, Ms. Sandoval will be responsible for oversight of all SRPS investments, leading the investment team, developing and implementing investment strategies, and ensuring the long-term financial health of Maryland’s pension system. She will work closely with the Board of Trustees and the executive director.
“We are thrilled to welcome someone with such vast experience as Dianne Sandoval to our team,” said treasurer and SRPS board chair Dereck Davis in a press release. “Her extensive expertise and visionary leadership will be invaluable as we continue to improve services for our members and provide strategic direction across the entire investment portfolio.”
Sandoval joins the pension system from Australia’s HESTA Super Fund, where she has served as head of portfolio design since October 2023. Prior to joining HESTA, she spent two years at Saudi Arabia’s Public Investment Fund, serving as head of markets, assets classes, and portfolio strategy.
She also worked at the $584B California Public Employees’ Retirement System for 12 years, joining as an investment analyst and trader, then taking on the role of portfolio manager — private equity research, analytics, and risk management. Sandoval then spent seven years as an investment manager — asset allocation and risk management at CalPERS, where, according to her LinkedIn profile, she worked closely with the board and executive management team to develop and implement asset allocation and risk practices, strategic asset allocation targets, as well as collaborating with the actuarial office to develop an integrated asset liability management framework.
Sandoval began her career as an associate with Morgan Stanley’s high-yield and special situations sales and trading division and as a senior risk analyst at GE Capital.
“Maryland’s pension fund safeguards the retirements of more than 400,000 state employees, educators, judges, state police, firefighters and more,” said comptroller and SRPS vice-chair Brooke Lierman in the release. “The Board recognized Dianne’s enthusiasm for and understanding of the unique responsibility of the CIO of a public pension fund. I look forward to working with her to grow our fund and ensure the security of our dedicated public employees.”
