Pension Finds

Chicago police fund scouting for executive director

Chicago Policemen's Annuity and Benefit Fund is searching for an executive director to oversee the $2.3 billion fund.

Given that the fund's executive director and chief investment officer both left within the past three months, the board is open to the idea of combining the two positions.

Former Executive Director Regina M. Tuczak left in December to assume the same position for the Cook County Employees' and Officers' Annuity and Benefit Fund and the Cook County Forest Preserve District Employees' Annuity and Benefit Fund, both in Chicago. The two pension funds have combined assets of $10.1 billion.

In January, Aoifinn Devitt, chief investment officer, left the fund to join Hermes Investment Management in its Dublin office as head of investment — Ireland.

In addition to the more traditional administrative duties of the executive director of a pension fund such as managing staff and supporting the board of trustees, the posted job description also includes oversight responsibility of asset management in conjunction with the plan's consultant, NEPC, and internal staff.

Thomas Beyna, a Chicago police officer who serves as president of the board of trustees, chairman of the investment committee and interim CIO, said it's possible that trustees will find a candidate with both strong administrative and investment skills and therefore could eliminate the CIO position.

Resumes for the position are due by 5 p.m. CDT March 31.