Massachusetts Pension Reserves Investment Management Board, Boston, on Tuesday unanimously approved giving Michael Trotsky, executive director, the additional role of chief investment officer.
Mr. Trotsky had been interim CIO of the $50 billion pension fund since June, when former CIO Stan Mavromates left to join Mercer to become CIO for the Americas.
Massachusetts State Treasurer Steve Grossman originally recommended that Mr. Trotsky be named CIO in order to help PRIM fill other posts that still remain open, including senior investment officers for private equity and hedge funds.
Mr. Trotsky said in an interview that he's excited to start his new investment role and that it also “gives a lot of opportunity to the people around me.”
The board's investment committee recommended the proposal — which would increase Mr. Trotsky's annual salary by $50,000 to $295,000 — during a Sept. 18 meeting.