Dan Cassady was named executive director of Iowa Municipal Fire & Police Retirement System, West Des Moines, recently released board meeting minutes show.
Effective Jan. 1, he replaces Terry Slattery, who will retire Dec. 31, Mr. Slattery confirmed in an email.
Mr. Cassady is currently deputy director of the $2.5 billion pension fund. The board has not yet decided on a replacement.
Also at its Jan. 9 meeting, the board voted to eliminate its 5% allocation to infrastructure and reallocate that amount equally between public equities and public fixed income. The move was done because the plan was unable to successfully negotiate contractual agreements with its two infrastructure managers.
The board, however, was able to negotiate an agreement with one of the two managers, IFM Investors. So, at its February meeting, the board reversed this action by maintaining a 3% allocation to infrastructure and is considering allocating the remaining 2% to private credit.
The board was unable to negotiate terms with J.P. Morgan Asset Management as its second infrastructure manager, Mr. Slattery said.