Rhode Island Names GSAM's Stais As Pension Fund CIO

Apr 18 2017 | 12:31am ET

Rhode Island has named former Goldman Sachs Asset Management executive Alec Stais as chief investment officer of the state’s Treasurer’s office, including oversight of the company’s $7.9 billion Employees’ Retirement System of Rhode Island pension fund. 

In his new role, Stais replaces Tim Nguyen, who served as interim CIO since mid-2016 and has moved on to the private sector. Nguyen replaced former JP Morgan banker Anne Marie Fink, who left the position in June of last year for the CIO role at multifamily office Matheys Lane Capital Management. Stais will begin in May, according to Reuters, and report to state treasurer Seth Magaziner.

Stais joins the pension manager from Goldman Sachs Asset Management, where he was a managing director and worked for 21 years. 

Rhode Island made news last October when it redeemed $585 million from a number of hedge funds, including Brevan Howard, Brigade Capital Management, Och-Ziff Capital Management, Partner Fund Management and Ascend Capital as part of a “back to basics” strategy that lowered hedge fund allocations from 15% to 6.5%. Other states, including New York and New Jersey, announced similar moves last year. 

For the 12 months through the end of February 2017, the Rhode Island pension fund is up 14.4 percent and ahead of its benchmark by 40 basis points, Reuters added. 

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