Pension Funds

New Jersey’s director of investments to depart, take on co-CIO role at consultant

Christopher McDonough is leaving his position as director of investments of the New Jersey Division of Investment, Jennifer Sciortino, a spokeswoman for the state Treasury Department, said in an email. His last day will be July 27.

Mr. McDonough has accepted a position at investment consulting firm Investment Performance Services. IPS CEO Mitchell J. Green said Mr. McDonough will join IPS in September as co-chief investment officer.

"I want to thank Chris for his years of service and dedication to our division of investment," state Treasurer Elizabeth Muoio said in an emailed statement. "He has served the division, the state, and our pensioners with distinction and professionalism and we wish him all the best in his new endeavor."

The treasurer's office is "actively working to ensure that we have a replacement in place to ensure the seamless continuation of the division's operations," Ms. Sciortino said.

The division of investment, which is part of the state Treasury Department, manages investments for the $77.3 billion New Jersey Pension Fund, Trenton.