Idaho Public Employee Retirement System Poised to Name New CIO

The Idaho Public Employee Retirement System (PERSI) is on the verge of naming a new chief investment officer to replace the retiring Bob Maynard.

Donald Drum, the $20.9 billion fund’s executive director, said the PERSI board has “made a decision” and extended an offer to the candidate. He said the announcement will likely come next week. Korn Ferry has overseen the search.

Maynard announced in the summer of 2021 that he would retire in September 2022. His last day is Sept. 30. Maynard has been with PERSI since 1992.

For the fiscal year ended June 30, PERSI reported a negative 9.5%, beating its benchmark of negative 13.1%. It was the fourth-worst return in the pension fund’s history, besting only 1970 when it had a loss of 15.4%, and 1974 and 2009, when the system was down 16%. In contrast, for the fiscal year ended June 30, 2021, PERSI had a 27.6% return.

With a new CIO, PERSI would join a growing list of state public pension plans that have named new CIOs in 2022. The list includes the New Hampshire Retirement System (NHRS), Minnesota State Board of Investment (SBI), Kentucky Public Pensions Authority (KPPA), the California Public Employees Retirement System (CalPERS), the Washington State Investment Board (WSIB), the New Jersey Division of Investment, the State of Rhode Island, the Virginia Retirement System (VRS), the Public Employees Retirement Association of New Mexico (PERA), and the Mississippi Public Employees’ Retirement System (PERS).

The appointment means the list of state public pension funds actively seeking a new CIO would drop to four: the Pennsylvania Public School Employees’ Retirement System, the Employees’ Retirement System of the State of Hawaii, the North Dakota State Department of Trust Lands, and the Kansas Public Employees Retirement System.