Derrick Dagnan was named deputy chief investment officer at the Tennessee Department of Treasury, said Shelli King, spokeswoman for David H. Lillard Jr., state treasurer.
Mr. Dagnan will help oversee the $44 billion Tennessee Consolidated Retirement System, Nashville, in addition to $8 billion in short-term assets, $5 billion in defined contribution plans and $1 billion in endowment funds. He replaces Andrew Palmer, who became chief investment officer of the $45.7 billion Maryland State Retirement & Pension System, Baltimore, in July.
Existing staff handled the deputy CIO responsibilities in the interim. Mr. Dagnan reports to Michael Brakebill, chief investment officer.
Mr. Dagnan is currently a senior portfolio manager for the Tennessee Department of Treasury, focused on its strategic lending portfolio that has more than $2 billion in assets. There are no immediate plans for a replacement.