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The pension plan approved a fiscal year 2026 asset allocation policy for three of its systems at this week’s board meeting.
The new president will be responsible for delivering investment performance and client growth to expand MetLife Investment Management.
Tim Stanton has joined PanAgora Asset Management as managing director and head of global distribution.
The pension fund made the decision following a search presentation from its general investment consultant in April.
The hire concludes a shortlist search that resulted from a global equity restructuring last month.
The retirement system’s cio will retire at the end of this month.
The plan interviewed three managers at its meeting earlier this month.
George Floyd’s murder on May 25, 2020 sparked protests regarding racism throughout the country, and further, ignited conversations and movements surrounding racial diversity and inclusion that extended to the investment space.
Black-owned and led alternatives firms saw the majority of investment manager search and hire activity as institutional investors continued to focus on private markets, FIN Searches data shows.
The overall slowdown in private markets commitments did not stop two Black-owned firms from closing funds as early-stage venture capital firms Collab Capital and Zeal Capital Partners recently announced closes for their respective second funds.