NJ Division of Investment Appears Close to Getting New CIO

By David G. Barry

The New Jersey Division of Investment will soon have a new director and chief investment officer.
The NJ State Investment Council voted unanimously to send an undisclosed list of qualified candidates to state Treasurer Elizabeth Maher Muoio for final selection. Muoio is expected to disclose her choice shortly.

Shoaib Khan has been serving as acting director and CIO since Corey Amon left the role last May to become CIO of the National Rural Electric Cooperative Association, which has funds totaling $25 billion.
Khan joined New Jersey in early 2021 after being a senior portfolio manager at the Florida State Board of Administration.

The director oversees the unit that manages investments for the $85.8 billion New Jersey Pension Fund. Lawmakers last year took steps to make the role more attractive, eliminating the cap on the position’s $200,000 annual salary. Muoio has final discretion on the salary for the role.

The move came after the pension system was fully funded for the first time in some 25 years and saw its third director of investments leave in the past decade. Amon had held the role on a permanent basis since 2019.

Recruiting firm EFL Associates handled the search.