Andrew Palmer was named chief investment officer of the $45.7 billion Maryland State Retirement & Pension System, Baltimore, on Monday.
Mr. Palmer is the deputy CIO for the $42.3 billion Tennessee Consolidated Retirement System, Nashville. His replacement there has not been named.
In a statement, Tennessee State Treasurer David H. Lillard Jr. praised Mr. Palmer for building “a strong team in fixed income, delivering strong results compared to his peers and absolute returns. I know he will lead Maryland much like he leads in the Tennessee Investment Division, with exceptional character and superior investment expertise.”
Former Maryland CIO A. Melissa Moye resigned in August to become a senior policy adviser with the Treasury Department’s office of state and local finance. Since then, Deputy CIO Robert Burd has served as acting CIO. He will resume his deputy CIO position.
Mr. Palmer will take over as CIO on July 22.