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DEFINED BENEFIT

LACERA appoints new CIO

Jonathan I. Grabel will be the new chief investment officer of the $50 billion Los Angeles County Employees' Retirement Association effective April 17, confirmed Gregg Rademacher, CEO of the Pasadena, Calif., pension fund, in an email.

Vache Mahseredjian has been acting CIO since former CIO David Kushner left in 2015.

Mr. Grabel was CIO of the $14.7 billion New Mexico Public Employees Retirement Association, Santa Fe; he resigned on March 31. Deputy CIO Jude Perez was named interim CIO.

"We are excited to welcome Mr. Grabel to the LACERA team," Mr. Rademacher said in a news release. "He brings a wealth of experience from both public pension plans and investment management firms and we look forward to his contribution in delivering financial security for our members."