By David G. Barry
The Los Angeles Fire and Police Pensions (LAFPP) will not get a new chief investment officer until a replacement is found for Ray Ciranna, the $30 billion system’s retiring general manager.
Ciranna, who has led LAFPP since May 2013, announced in June that he would retire at the end of August. Ciranna, however, told Markets Group that his retirement has been “pushed back a month, but unfortunately a new CIO will not be selected by then.” The new general manager, he said, will get to make that selection.
In May, Ray Joseph resigned as CIO of LAFPP due to personal reasons. He was in the role for less than a year. Ciranna took over the CIO responsibilities after Joseph’s departure.
During Ciranna’s time at LAFPP, its funding status increased from 83% to 96% and it reported 10-year average returns of 9.95%. He has spent 32 years with the City of Los Angeles.