Christopher McDonough was named deputy director of the New Jersey Division of Investment, Trenton, which manages $71 billion in state pension fund investments, confirmed Andrew Pratt, a spokesman for the state Treasury Department.
Mr. McDonough will begin in January. He will replace Ray Joseph, who is taking a job outside state government. Mr. Pratt would not comment further, and Mr. Joseph was not available for comment.
Mr. McDonough will be a “jack of all trades” and “right-hand man” to Chief Investment Officer Timothy Walsh, Mr. Pratt said.
Mr. McDonough was CIO of the $3.7 billion Philadelphia Board of Pensions and Retirement. His last day will be Dec. 31, said Francis Bielli, executive director of the board.
Rhonda McNavish, deputy CIO, will be acting CIO until the pension board chooses a successor to Mr. McDonough, Mr. Bielli said. The board has selected a search committee, which will meet in a few weeks, but there is no timetable for choosing a successor to Mr. McDonough, Mr. Bielli said.