Sunday, 24 July 2016
Last updated 1 day ago
May 31 2012 | 8:41am ET
Massachusetts’ $50 billion state pension fund has lost its fifth senior staffer in just two years to the private sector.
Stanley Mavromates, PRIM’s top investment officer, will step down effective June 12.
Mavromates’s departure follows those of Executive Director Michael Travaglini, who quit to join the hedge fund Grosvenor Capital Management and Senior Investment Officer/Private Equity Wayne Smith, who left last summer.
“Right now they have no chief investment officer, no senior private-equity staff and no senior hedge-fund staff,” a former PRIM insider told the Boston Herald.
According to the paper, the root of the problem is money—the PRIM insider speculated that in the private sector Mavromates will be able to double the $235,000 salary and $94,000 potential bonus paid by the pension fund.