By David G. Barry
The New
Hampshire Retirement System (NHRS) has hired a new chief investment
officer.
Raynald Leveque was tapped to direct the system’s $11 billion investment
program. He has served since January 2020 as deputy CIO for the State of
Connecticut, helping to manage its $46 billion fund.
He replaces Larry Johansen, who retired on Sept. 1. Johansen announced
his retirement after 12 years at NHRS. During his tenure, the system’s assets
more than doubled.
Leveque’s background also includes serving as vice president of asset owner
strategy for the Bank of New York Mellon and head of asset allocation and
director of risk management for the New York State Common Retirement Fund.
In a prepared statement, Leveque said, “we will build on the current investment
success, working with the (Independent Investment Commission) and board of
trustees to secure an equitable future for generations through investment
performance, protecting and growing our retirees’ pension assets, and
developing a robust investment office.”
EFL Associates oversaw the seven-month national search.
NHRS had a 29.4% return on investments for the fiscal year ended June 30, 2021.
It has not yet released its 2022 figures.
The State of New Hampshire and more than 460 local government employers
participate in NHRS. It has more than 48,500 active members and 41,000 benefit
recipients.
NHRS joins a growing list of state public pension plans that have named new
CIOs in 2022. They include the 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 Mississippi Public Employees’ Retirement System
(PERS).
Leveque’s appointment means that there are now
just four other state public pension funds actively seeking a new CIO: the
Pennsylvania Public School Employees’ Retirement System, the Employees’
Retirement System of the State of Hawaii, the Idaho Public Employee Retirement
System, and the Kansas Public Employees Retirement System.