Khan Selected to Lead N.J. Division of Investment

By David G. Barry

The New Jersey Division of Investment has a new director and chief investment officer – someone that state officials and employees are quite familiar with.

Shoaib Khan, who has been serving as acting director and CIO for nearly a year, has been named the permanent head by State Treasurer Elizabeth Maher Muoio. The director oversees the unit that manages the investments for the $85.8 billion New Jersey Pension Fund.

In a statement, Maher Muoio said that Khan “has been instrumental in managing the overall operations of our Division of Investment” and that he has “worked diligently to advance innovative policy initiatives, including a new Emerging Managers program.”

Khan joined the Division of Investment in early 2021 after being a senior portfolio manger at the Florida State Board of Administration. He then became acting director in June after Corey Amon left to become CIO of the National Rural Electric Cooperative Association, which has funds totaling $25 billion. Khan also has held positions with Union Bancaire Privee, a Switzerland-based private bank, and J.P. Morgan.

Also in a statement, Khan said, “I’m honored to be selected to serve as permanent director of DOI and would like to thank the Treasurer and State Investment Council for their trust and support. I look forward to continuing the Division’s crucial work and upholding its high fiduciary standards.”

Lawmakers last year took steps to make the New Jersey Division of Investment director 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 for the role.