David Villa, executive director and chief investment officer of the $145 billion State of Wisconsin Investment Board, was hailed by peers and colleagues as a leader in portfolio management and for his commitment to ensuring a dignified retirement for public-sector employees.
Mr. Villa, 66, died Feb. 13. Further details about Mr. Villa's death were not immediately available, spokeswoman Vicki Hearing said.
Mr. Villa joined SWIB in 2006 as CIO and was appointed executive director in 2018.
"SWIB and the state of Wisconsin have lost a visionary leader and a devoted public servant," David Stein, chairman of SWIB's board of trustees, said in a news release. "For 15 years, David worked tirelessly to build an organization committed to helping Wisconsin's public-sector employees to retire in dignity."
The SWIB statement said Mr. Villa "joined SWIB with an innovative plan to change the way money was invested at SWIB. He envisioned a destination for investment management talent located in the heart of the Midwest. He also worked to expand SWIB's statutory investment authority, diversify its holdings into new asset classes and develop the capability for SWIB to manage assets in-house."
During Mr. Villa's oversight as CIO, SWIB increased its internally managed assets to more than 50% of total assets from 21%. It also "generated strong returns at a lower cost than its peers and during the last five years added $1.9 billion to the ($129.8 billion Wisconsin Retirement System) above its performance benchmarks," according to the statement.
Rochelle Klaskin, SWIB's deputy executive director and chief administrative officer, has been named acting executive director, and three investment managing directors have been given authority to share the role of CIO, Ms. Hearing said in her email. The names of the officers were not provided.
"David's passion for lifelong learning, innovation and collaboration are at the core of his success and are visible throughout the organization. Over the last 15 years, his initiatives and vision created the road map for SWIB to become a premier investment organization," Ms. Klaskin said.
As part of its oversight function, the board had discussed succession planning with Mr. Villa in 2020 and now "is focused on facilitating a smooth transition of executive leadership," SWIB's statement said.
Mr. Villa touched many lives in the investment industry. Christopher Ailman, CIO of the $283.4 billion California State Teachers' Retirement System, West Sacramento, said in an emailed statement: "David was a great friend and one of the top chief investment officers in the USA and the world."
"He loved investment theory and inspired many deep discussions among his peers. I have always closely followed David and his portfolio decisions," Mr. Ailman said. "I consider David and the SWIB team he helped build to be one of the leading institutional investors that we hold in high esteem. We will all miss him as a colleague, solid leader, and most of all as a friend."
Dominic Garcia, CIO of the $15.3 billion New Mexico Public Employees' Retirement Association, Santa Fe, had been recruited by Mr. Villa in 2008 for the investment staff at SWIB where he was fund-of-funds manager. Mr. Garcia joined New Mexico PERA in 2017.
"David Villa was a teacher, a mentor and one of the most influential people in my life," Mr. Garcia said in an emailed statement.
"It is no secret David had a pioneering spirit and innovative vision for a public pension system in America. However, his true gift was being able to align and rally human capital and energy around that vision to make it happen," Mr. Garcia said. "David talked about building a cathedral. This was his metaphor for building an enduring public pension system that would stand the test of time. Like all great architects of cathedrals, he knew its completion would go beyond his lifetime. Thus, he worked to leave blueprints for others to follow the work and mission."
"However, his true mark will be how he changed lives," Mr. Garcia said. "How he was able to get you to be your best. How he was able to get you to learn something new and grow. How he was able to see your path and help you walk down it. He certainly changed my life. My family and I will be forever grateful."
Mr. Villa's family has asked that memorials in his honor be sent to the Madison Children's Museum or the UW Odyssey Project. Sympathy cards can be sent to The Family of David Villa c/o SWIB, 121 E. Wilson Street, Madison, WI 53703.
