The PBGC is searching for a deputy CIO to help oversee implementation of the agencys new asset allocation plan, according to an RFP.
The deputy CIO a new position would serve as the principal adviser to John H. Greenberg, the agencys first CIO, who started Sept. 15. Mr. Greenberg was managing director of public markets for the $36.7 billion Maryland State Retirement and Pension System, Baltimore.
The RFP said the deputy CIO would share fiduciary responsibility for actively managing the PBGCs investment portfolio. Under an asset allocation policy adopted in February, the agency will be able to invest up to 10% of the $55 billion it has available for investment in private equity and real estate. Both are new asset classes for the PBGC.
Under the new asset allocation policy, 45% of assets will be in equities and 45% will be in fixed income. Previously, 75% to 85% of assets were in a liability-driven investment strategy, with the remainder of the portfolio invested in stocks.
Applications are due Wednesday, according to the RFP, which is available at http://www.usajobs.gov.
This new position is part of our ongoing effort to strengthen PBGCs financial operations, Charles E.F. Millard, PBGC director, said in a statement. We are pleased to have John Greenberg in place as our chief investment officer, and look forward to bringing on board a skilled deputy CIO to help us prepare for future challenges.