Stanley Mavromates, chief investment officer of the $50 billion Massachusetts Pension Reserves Investment Management board, Boston, will resign effective June 12.
Mr. Mavromates will join Mercer June 25 as chief investment officer for the Americas, confirmed Charles Salmans, a Mercer spokesman.
Mr. Mavromates takes over the Mercer Americas CIO role from Denis Larose, who left the firm in 2011 to pursue another opportunity. Tom Murphy, Mercer’s U.S. head of fiduciary management, and Yvan Breton, head of fiduciary management for Canada and Latin America, both handled the Americas CIO duties on an interim basis, said Mr. Salmans.
In his new role at Mercer, Mr. Mavromates will lead a team of portfolio managers in constructing portfolios for discretionary clients, putting together the best combination of underlying managers for those clients, said Richard Nuzum, head of Mercer’s investment business in the U.S., in a telephone interview.
Michael Trotsky, PRIM executive director, said in a statement that Mr. Mavromates will be missed at the pension fund. Over 12 years at PRIM, the past seven years as CIO, Mr. Mavromates has made an important contribution to PRIM’s strong investment results and “positive culture,” Mr. Trotsky said.
MassPRIM will conduct a search for Mr. Mavromates’ replacement.
Mr. Mavromates couldn’t immediately be reached for comment.
