David Silber was named temporary acting chief investment officer of the $4.6 billion Milwaukee City Employes' Retirement System, said Bernard J. “Jerry” Allen, executive director.
Tom Rick, the former CIO, died May 13.
Mr. Silber, who will continue his duties as one of two investment analysts of the system, could be a candidate when the board conducts a search for a permanent replacement, Mr. Allen said, adding that he “believes” Mr. Silber will apply. The board plans to meet May 28 to discuss how to search for candidates for the position, including potentially issuing an RFP to search for an executive recruiting firm.
Mr. Allen said no candidate would be favored in the process. “We're fiduciaries and we have to look out for participants and do the best for the plan,” Mr. Allen said.
Mr. Silber, who has been with the system seven years, will be assisted by Erich Sauer, investment analyst who has been with the system one year, as well as Michael Murphy, a Milwaukee alderman and longtime chairman of the pension fund's investment committee, Mr. Allen said. In addition, Callan Associates, the pension fund's investment consultant, assists in advising the system, Mr. Allen said.
“Tom set up a very strong program” and team, Mr. Allen said.