Hedge fund manager Orin Kramer has resigned from New Jersey's state pension management board, just four months after stepping down as its chairman.
Kramer, who heads New York-based Boston Provident Partners, left the New Jersey State Investment Council last week. In his eight years at the pension board's helm, he spearheaded a major push into alternative investments, which now make up 15% of its assets under management.
"Orin Kramer has served for more than eight years on the council that sets investment policy for New Jersey pension funds in excess of $70 billion. His knowledge and contribution during that time has been of great worth to the citizens of New Jersey, and Treasurer Andrew Sidamon-Eristoff thanks him for his service," a spokesman for Sidamon-Eristoff said.
But to hear Kramer talk about it, he wasn't feeling much gratitude. He told The Wall Street Journal that he had grown tired with criticism that the board under his watch took too many risks.
In September, former Carlyle Group partner Robert Grady was elected chairman of the council; Kramer did not stand for re-election. Grady was appointed to the board by Gov. Chris Christie in May.