The $44.2 billion Massachusetts Pension Reserves Investment Management Board is expected to discuss on June 1 how to replace Executive Director Michael Travaglini.
Mr. Travaglini is joining Chicago-based hedge fund-of-funds manager Grosvenor Capital Management, one of the board's five hedge fund-of-funds managers. It manages $666 million for MassPRIM.
Sources, who declined to be named, said Karen E. Gershman, PRIM's chief operating officer and chief financial officer, is likely to be the internal candidate for the position.
In a news release, state Treasurer and MassPRIM Board Chairman Timothy P. Cahill said, “My administration seeks out talented people, and Michael's new opportunity shows the private sector recognizes their value as well.”
Reached by telephone, Mr. Travaglini said his pending move, following six years at PRIM, reflected a “personal decision” that it was time to leave the public sector. He said the Grosvenor job is an exciting opportunity.
A spokesman for Grosvenor said Mr. Travaglini will be a managing director in the firm's client group, adding that his “experience and in-depth knowledge of the issues and challenges confronting public pensions” are expected to help Grosvenor “better relate to this important group of investors.”
Mr. Travaglini said he'll be based in Boston.
Mr. Travaglini came to PRIM in 2004 from Putnam Investments, where he served as a senior vice president and relationship manager for the money manager's defined benefit accounts; the had $32 billion when he joined.