Tag: Sumit Handa

Philadelphia Pension Board Appoints Interim CIO

Philadelphia

The chief investment officer of Philadelphia’s Board of Pensions, Sumit Handa, announced his plans to resign earlier this month.

He officially left the post on January 15.

Now, the Board has appointed an interim CIO to take Handa’s place while a search for a long-term CIO plays out.

From Philly.com:

Francis Bielli, executive director of the Philadelphia Board of Pensions and Retirement, will be serving as the board’s interim chief investment officer, while the board conducts a search for a new CIO.

The board asked Bielli to put on a second hat, following Sumit Handa’s recent resignation. Handa, who was hired in 2011 to manage the investments of the underfunded $5 billion Philadelphia city workers’ retirement plan, is going back to the private sector, said Rob Dubow, pension board chairman and city finance director.

Bielli’s salary will get a $35,000 bump, totaling $204,000, to fill in the second job, the board announced at its meeting Thursday. A national search will be conducted to find a replacement for Handa.

Bielli will oversee the management of $4.7 billion in pension assets.

 

Photo credit: “GardenStreetBridgeSchuylkillRiverSkylinePhiladelphiaPennsylvania” by Massimo Catarinella – Own work. Licensed under CC BY 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:GardenStreetBridgeSchuylkillRiverSkylinePhiladelphiaPennsylvania.jpg#mediaviewer/File:GardenStreetBridgeSchuylkillRiverSkylinePhiladelphiaPennsylvania.jpg

Philadelphia Pension CIO Steps Down

Philadelphia

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.

 

Photo credit: “GardenStreetBridgeSchuylkillRiverSkylinePhiladelphiaPennsylvania” by Massimo Catarinella – Own work. Licensed under CC BY 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:GardenStreetBridgeSchuylkillRiverSkylinePhiladelphiaPennsylvania.jpg#mediaviewer/File:GardenStreetBridgeSchuylkillRiverSkylinePhiladelphiaPennsylvania.jpg