The chief investment officer of Philadelphia’s municipal pension fund has resigned and will leave the fund on January 15, according to ai-cio.com.
Sumit Handa is stepping down from his post at the Philadelphia Board of Pensions and Retirement to enter the private sector, but it isn’t yet know where he is going.
From Chief Investment Officer:
Sumit Handa is set to depart the $4.7 billion fund effective January 15, according to the pension system’s Executive Director Francis Bielli. An interim CIO and recruitment/replacement plan have not yet been determined, Bielli said, but the division’s board will settle both matters at an upcoming meeting.
“We appreciate Sumit’s contributions to the fund and wish him all the best,” Bielli told CIO.
Handa joined Philadelphia’s pension fund as CIO in June 2011. Prior to that, he spent six years as a portfolio manager for New York-based hedge fund DKR Capital.
He will be departing the public sector and Philadelphia for his next role as CIO of a major financial institution, according to someone with knowledge of the situation.
Salary information for the city pension’s CIO role has not been made public. However, similar positions for the municipality indicate compensation in line with most US public pensions.
In fiscal year 2012, the latest for which data is available, the city’s finance director and pension board chair earned a total of $171,456.
Handa oversaw the management of $4.7 billion in pension assets.
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