BOSTON, May 30 (Reuters) - The chief investment officer of Massachusetts’ state pension fund, who invests retirement savings for teachers and police officers with some of the world’s best-known asset managers, including hedge funds, is leaving for a position in the private sector.
Stanley Mavromates, who helped put a chunk of the fund’s $50 billion with firms like Och-Ziff Capital Management and Pershing Square Capital Management, will leave on June 12, Michael Trotsky, the fund’s executive director, said on Wednesday.
He will join Mercer an investment consulting firm with offices in Boston.
Mavromates, 51, has been chief investment officer since 2005 and joined the state’s Pension Reserves Investment Management Board in 2000. Known for his calm and steady presence during board meetings where he coolly detailed the fund’s performance and outlook for future performance, Mavromates was instrumental in ushering in dramatic changes including the state’s recent decision to make direct hedge fund investments.
Over the years Massachusetts has boasted one of the pension fund industry’s best performance records but turnover at the pension fund has also been high -- nearly 200 percent in the last decade -- as staff members have been lured to the private sector with much higher pay packages.
Reporting By Svea Herbst-Bayliss; Editing by Theodore d'Afflisio