This year saw a number of internal and external moves among high-level executives at institutional investors across the globe.
While many of the most notable moves were driven by retirements, others involved pension fund executives stepping into new leadership roles within their current organizations or moving to entirely new pension systems, and still others shifted from allocator positions into money management roles.
Here are the Top 10, most-read ‘People Moves’ stories on the Markets Group website in 2025:
1. SCOOP: EY’s Deputy CIO Resigns to take a CIO Role
An article on the departure of Carol Chan, EY’s deputy chief investment officer, from the role she held for eight years was the No. 1 read People Moves story in 2025.
When asked what prompted her move from EY, Chan said, “In general, I have an aspiration to be a CIO.” Update: She has indeed become one and is now CIO of the Inter-American Development Bank Group.
2. CIO Andrew Palmer to Retire in FY 2025 from Maryland SRPS
In January, Markets Group broke the news that Andrew Palmer, then CIO at the $70b the Maryland State Retirement and Pension System (SRPS), was retiring after nearly 10 years at the pension fund.
3. CalPERS’ Deputy CIO Dan Bienvenue stepping down
In March, Dan Bienvenue announced he was stepping down from his role as deputy CIO at the California Public Employees’ Retirement System to join private equity firm General Atlantic as managing director.
4. Indonesia appoints Ray Dalio as advisor for new sovereign wealth fund
In April, Indonesia’s new $900B sovereign wealth fund, tapped Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, to sit on its advisory board, alongside several other key investment professionals. Update: Dalio later pulled out of joining the advisory board.
5. David Vickers snags CIO role at Windmill Hill Asset Management
Early this year, Windmill Hill Asset Management, which manages three major philanthropies endowed by the Rothschild family, appointed David Vickers CIO.
6. Chief investment officer of Eli Lilly announces retirement
Over the summer, Susan Ridlen announced her retirement from Eli Lilly and Co. after 34 years with the pharmaceutical company, including more than 20 as its CIO. Update: In October, Eli Lilly selected Goldman Sachs as its outsourced CIO.
7. Northern Trust scoops UNJSPF’s CEO Pedro Guazo
The $1.3T Northern Trust Asset Management snagged the United Nations Joint Staff Pension Fund’s chief executive officer Pedro Guazo to lead its international and responsible investing team.
8. Cornell University’s endowment office appoints a new senior investment officer
In the spring of 2025, Cornell University appointed Jeff Smith, formerly managing director of the Smithsonian’s investments office, as senior investment officer to oversee the $10.7B endowment’s private equity and venture capital portfolio.
Following the retirement of Jeffrey Jaensubhakij, Singapore’s $800B sovereign wealth fund GIC promoted its deputy CIO Bryan Yeo as CIO.
10. Dallas ERF’s CIO to depart after 20 years
In April, Cheryl Alston, the executive director of the $3.8B Dallas Employees’ Retirement Fund announced she was stepping down from her role after 20 years at the fund.
