Larry Johansen, director of investments at the New Hampshire Retirement System, Concord, announced plans to retire on Sept. 1 after more than 12 years at NHRS, a retirement system news release said Friday.
Mr. Johansen has been the NHRS director of investments since January 2010. The NHRS Board of Trustees and the system's independent investment committee will initiate a nationwide search for his replacement, the news release said.
During Mr. Johansen's tenure as director of investments, NHRS trust fund assets grew from $4.9 billion on June 30, 2010, to $11.6 billion as of June 30, 2021. the news release said.
"Larry's skill and expertise helped grow the investment portfolio to the benefit of all of our members and retirees," Maureen Kelliher, chairwoman of the independent investment committee, said in the release. "Most importantly, he leaves NHRS in a good position to sustain its investment performance."
The retirement system realized a 29.4% return on investments in the fiscal year ended June 30, 2021. The annualized three-year, five-year, 10-year, 20-year, and 25-year net returns for the periods ended June 30 were 11.4%, 11.3%, 9.3%, 7.2%, and 7.9%, respectively, the news release said. The retirement system's assumed rate of investment return is 6.75%.
Tim Lesko, chairman of the NHRS board and a member of the independent investment committee, praised Mr. Johansen for his "experience and leadership skills," the news release said, These skills "have contributed to the growth and diversification of the fund, with a focus on maximizing investment returns while minimizing risk," Mr. Lesko said.