2024 Elite 100 CIOs Part 4

Michael G. Trotsky, CFA, is the Executive Director and Chief Investment Officer of the Massachusetts Pension Reserves Investment Management (PRIM) Board. Mass PRIM is responsible for investing the approximate $111 billion Massachusetts pension fund, which contains the assets of the Massachusetts Teachers' and State Employees' Retirement Systems as well as the assets of approximately 100 participating municipal and county retirement systems.

Michael's work at PRIM was preceded by a 25-year career in the private sector, most recently as senior vice president and portfolio manager at PAR Capital Management, a Boston-based absolute return strategy fund. Previously, he was a senior analyst at Greenberg-Summit Partners in Boston and also served as a principal and senior vice president at Independence Investment Associates (a John Hancock subsidiary), also in Boston. Michael began his professional career in 1985 as an engineer at Intel Corporation in California.

Michael currently serves as a Governing Trustee on the Board of Trustees at the Dana-Farber Cancer Institute in Boston. He previously served as Chair of the CFA Society Boston, as well as a member of the CFA Institute Board of Directors and as Chair of the CFA Institute's Asset Manager Code of Professional Conduct Advisory Committee. He is also a member of the Boston Economics Club. Michael received a BS in electrical engineering from the University of Pennsylvania and an MBA from the Wharton School of the University of Pennsylvania.

Rex Kim is the Chief Investment Officer at Oregon State Treasury, overseeing a $138 billion portfolio, which includes the $95 billion Oregon Public Employees Retirement Fund. Appointed in April 2020, Kim oversees governance, portfolio management, and investment strategy at the State Treasury. Since joining, he has implemented enhanced governance practices, including a new investment policy statement and an improved committee design. Kim's leadership has strengthened Treasury's capabilities in areas such as portfolio construction, liquidity management, and climate risk assessment.

Elizabeth Tulach is the Chief Investment Officer for The Boeing Company, responsible for the strategic management of $49 billion in plan assets. Prior to becoming CIO, Tulach was Deputy CIO and Managing Director for Strategy and Asset Allocation. She has held leadership roles at Boeing and GE Capital, focusing on private equity and global equity investments.

Steve Davis serves as the Chief Investment Officer of the Sacramento County Employees' Retirement System (SCERS), managing $13 billion in assets. Since joining SCERS in 2010, Davis has led the transition to a strategic asset allocation framework, resulting in consistent outperformance of both the actuarial rate and policy benchmarks. Previously, he was a senior research analyst at Concord Investment Counsel and a co-portfolio manager at Wedbush Morgan Securities.

Sanjay Chawla is the Chief Investment Officer at FM, managing $30 billion in assets across general account and pension investments. Chawla contributes to FM's corporate sustainability priorities, combining investment insights with strategic initiatives. Since joining FM in 2018, he has been recognized as one of the top 10 most influential corporate CIOs worldwide. His career includes senior investment roles at Raytheon and Dow Chemical, where he focused on global asset allocation and financial risk management.

Scott Taylor is the Chief Investment Officer, responsible for the Andrew W. Mellon Foundation's $7 billion portfolio. Before joining Mellon, Taylor served as a managing director at Canada Pension Plan Investment Board (CPPIB), overseeing public market managers. His career in finance includes positions at BMO Nesbitt Burns and Level 3 Communications.

Eric Doppstadt is the Vice President and Chief Investment Officer of the Ford Foundation, responsible for managing its $16 billion endowment. Since his CIO appointment in 2009, Doppstadt has led the foundation's investment portfolio with a focus on generating long-term growth to support Ford's philanthropic mission. His tenure has been marked by a commitment to innovative investment strategies, including a significant expansion of the foundation's allocation to alternative assets, such as private equity, venture capital, distressed investments, and hedge funds.

Doppstadt joined the Ford Foundation in 1989 as resident counsel, working closely with the investment team to shape the foundation's financial strategy. Over the following 15 years, he transitioned to managing Ford's alternative investment portfolio, emphasizing high-growth and impact investments across diverse asset classes. From 2000 to 2009, he served as Director of Private Equity Investments, overseeing a broad portfolio that included venture capital, growth equity, and distressed assets.

Before his career at Ford, Doppstadt practiced corporate finance, mergers and acquisitions, and international law at Paul, Weiss, Rifkind, Wharton & Garrison in New York. In addition to his role at Ford, he contributes his expertise as a director at both Harvard Management Company and Makena Capital Management, LLC, where he advises on institutional investment strategies, supporting the development of best practices in endowment management.

Christine Kelleher has been the Chief of Investments at the National Gallery of Art since 2017, managing a portfolio valued at $1.3 billion. Kelleher has implemented direct investment programs for alternative assets, introduced an emerging hedge fund allocation, and upgraded traditional asset classes.

Seth Alexander is the President of the MIT Investment Management Company (MITIMCo), where he oversees the management of MIT's $24 billion endowment, along with other critical financial assets, including the Retirement Plan and Retiree Welfare Benefit Plan. Since his appointment in 2006, Alexander has led MITIMCo with a focus on maximizing long-term returns to support the university's educational and research mission.

Amy Chen is the Chief Investment Officer at the Smithsonian Institution, where she oversees a diversified endowment valued at nearly $3 billion supporting the world's largest museum, educational, and research complex. Appointed as the Smithsonian's first CIO in 2006, Chen transformed the institution's investment strategy, expanding its initial focus on U.S. stocks and bonds into a well-diversified portfolio that now includes hedge funds and other alternative investments.

Geeta Kapadia is the Chief Investment Officer at Fordham University, overseeing its $1 billion endowment. Appointed in 2022, Kapadia previously served as Associate Treasurer at Yale New Haven Health System, managing over $5 billion in assets. Her background includes consulting roles at Mercer in the UK and leadership in marketing at Capital Metrics in India. She is a CFA charterholder and serves as the board president of Chester County Family Academy.

Philip Zecher is the Chief Investment Officer at Michigan State University, managing a $4 billion endowment. Zecher joined MSU in 2016, launching the university's investment office and gaining recognition as one of the top endowment CIOs. His prior experience includes key roles at EQA Partners and Investor Analytics. Beyond his work at MSU, Zecher has held various corporate and nonprofit board positions in the U.S. and Ireland, including with the MSU Foundation. He also serves on the investment committee for the Association of Public and Land Grant Universities, contributing to investment strategy for educational institutions.

Tom Horkan is the Chief Investment Officer of the Georgia Employees' Retirement System (ERSGA), where he oversees the management of nearly $15 billion in assets. Horkan is responsible for guiding ERSGA's investment strategy, focusing on prudent asset allocation, risk management, and ensuring the long-term sustainability of the fund to meet the retirement needs of Georgia's public employees.

Angela Buk leads the investment strategy for 3M's $26 billion benefit fund assets. She joined 3M in 2021 after serving as CIO for DTE Energy Company. Buk's experience spans roles in alternative investments at Chrysler and global benefit asset management at DTE, and she is actively involved in local charitable foundations in Michigan.

Ana Marshall is Chief Investment Officer of the William and Flora Hewlett Foundation, managing a $13 billion portfolio. Marshall joined the foundation in 2004 and has 38 years of experience in asset allocation and investment strategy. She serves on several boards, including PIMCO and the Skoll Foundation.

Scott Davis is the Chief Investment Officer at the Indiana Public Retirement System (INPRS), where he oversees the management of a $52 billion investment program. Davis's responsibilities include cultivating a strong investment culture, recommending and implementing asset allocations for both defined benefit and defined contribution plans, and providing regular updates to the board on investment strategy and performance. Since joining INPRS in 2010, Davis has held multiple leadership roles, including Director of Public Equity and Deputy CIO, before his promotion to CIO in 2016.

Charmel Maynard serves as Chief Investment Officer and Treasurer at the University of Miami, overseeing over $4 billion in assets. His responsibilities include managing the university's capital structure and treasury functions. Previously, Maynard was a vice president at J.P. Morgan's Investment Bank, where he advised on capital structure and liquidity solutions. He currently serves on the board of several organizations, including the New World Symphony and Catalyst Miami.

Jason Malinowski has been the Chief Investment Officer of the $4 billion Seattle City Employees' Retirement System (SCERS) since 2014. Prior to SCERS, Malinowski was a Managing Director at BlackRock, specializing in risk and quantitative analysis. In his tenure, Malinowski has implemented a liability-aware investing framework at SCERS, enhancing alignment with the plan's long-term liabilities.

Marcus Frampton is the Chief Investment Officer of the Alaska Permanent Fund Corporation (APFC), where he manages $80 billion in assets. Frampton joined APFC in 2012 and served in various capacities from 2012 to 2018, including Head of Private Markets and Director of Real Assets & Absolute Return. In July 2018, he was appointed CIO. Frampton's background spans private equity and investment banking, with prior roles at Lehman Brothers and PCG Capital Partners, bringing a diverse expertise to APFC's investment strategy and asset management.

Scott Richland has served as the Chief Investment Officer at Caltech since 2010, managing nearly $5 billion in endowment and capital funds. Richland's career includes senior roles at Andell Holdings, AIG, and SunAmerica. His investment expertise spans insurance risk management, real estate, and off-campus real estate programs. He holds board positions with the Jewish Community Foundation of Los Angeles and John Muir Health System.

Jane Dietze is the Chief Investment Officer at Brown University, responsible for managing nearly $7 billion in endowment assets. Dietze's background includes venture capital and investment roles at Columbia Capital and Fortress Investment Group. She is actively involved in board roles at Galaxy Digital and National Geographic Society.

Brian Pellegrino serves as Chief Investment Officer at the Georgia Tech Foundation, managing approximately $3 billion in endowment assets. Pellegrino's experience includes asset allocation and portfolio construction, with a track record of outperforming benchmarks. He previously held investment roles at UPS, managing a $40 billion pension portfolio.

Sriram Lakshminarayanan is the Chief Investment Officer at IPERS, overseeing a $44 billion portfolio. Lakshminarayanan joined IPERS in 2014 as Chief Risk Officer, where he led initiatives such as a $500 million hedge fund overlay and a $300 million Alternative Risk Premia program. Promoted to CIO in 2022, he brings extensive experience in risk management and portfolio construction, guiding IPERS' investment strategy to support the long-term financial health of the system.

Laurence Fulton is Chief Investment Officer at Verizon Investment Management Corp (VIMCO), overseeing $51 billion in assets. Fulton has held various finance roles within Verizon for over 30 years, including leading VIMCO's Operations team and contributing to pension annuitization efforts.