On Thursday, Mr. Walsh was named director of the New Jersey Division of Investment, Trenton, and as the CIO overseeing the state's seven defined benefit pension plans with a combined $67.6 billion in assets. He will remain at the Indiana fund until July 13 and will start his new job in early August.
Officials at the Indiana fund have not yet chosen an interim CIO, nor have they determined a selection process for finding a permanent replacement, Jeff Hutson, fund spokesman, said in an e-mail response to questions.
In a telephone interview on Friday, Mr. Walsh said he was attracted to New Jersey because the state public pension fund “does a lot of investment management internally,” whereas the Indiana fund management is “mostly outsourced” to about 35 public equity managers and public fixed-income managers.
Mr. Walsh became the CIO of the Indiana fund in May 2008.
“Tim has done an incredible job for (the fund) and I'm certain Indiana's loss will be New Jersey's gain,” Steve Russo, executive director of the Indiana fund, said in a prepared statement issued by the fund. “He has guided (the fund) through an extremely challenging market environment and leaves (the fund) with a solid legacy of prudent, effective investing for the benefit of our members and retirees.”