David Kushner resigned as chief investment officer of the $48 billion Los Angeles County Employees Retirement Association, effective May 29, CEO Gregg Rademacher said in an e-mailed statement.
Vache Mahseredjian, principal investment officer, will serve as acting CIO in the interim.
“His investment expertise will be missed,” the statement said. “Under his leadership, the retirement system successfully committed over $4 billion in the private equity markets through 37 partnerships, began investment services for the plan sponsor's OPEB Trust, safeguarded the system assets during a custodian bank change, and represented LACERA as a Council of Institutional Investors board member.”
LACERA will shortly begin the search process for finding Mr. Kushner's replacement.
Mr. Kushner had been CIO since November 2011.
Mr. Kushner could not be reached for comment on why he resigned or his future plans.
John Barger, chairman of LACERA’s investment board, declined to comment on personnel matters.