By David G. Barry
After six months of searching, the Idaho Public Employee
Retirement System board has found its next chief investment officer in the
building.
Richelle Sugiyama, a PERSI investment officer, was tapped to
replace the retiring Bob Maynard, who has led the $21 billion plan since
1992. Korn Ferry oversaw the search.
In a statement, board Chairman Jeff Cilek said that the PERSI board is
“excited” that Sugiyama has accepted the role, especially given that she’s been
“heavily involved with our investment portfolio for many years.”
Cilek added that Maynard “leaves behind a stellar track record as well as very
big shoes to fill, and we are confident Ms. Sugiyama will help keep PERSI on
the right track.”
Sugiyama previously served as the interim manager of investments for the State
of Idaho Endowment Fund Investment Board (EFIB), senior associate at Dorn,
Helliesen & Cottle, Inc. and portfolio manager and operations manager at
D.B. Fitzpatrick & Co., Inc.
For the fiscal year ended June 30, PERSI reported a negative 9.5%, beating its
benchmark of negative 13.1%. It was the fourth-worst return in the pension
fund’s history, besting only 1970, when it had a loss of 15.4%, and 1974 and
2009, when the system was down 16%. In contrast, for the fiscal year ended June
30, 2021, PERSI had a 27.6% return.
PERSI joins the growing list of state public pension plans that have named new
CIOs in 2022. The list includes the New Hampshire Retirement System (NHRS),
Minnesota State Board of Investment (SBI), Kentucky Public Pensions Authority
(KPPA), the California Public Employees Retirement System (CalPERS), the
Washington State Investment Board (WSIB), the New Jersey Division of
Investment, the State of Rhode Island, the Virginia Retirement
System (VRS), the Public Employees Retirement Association of New Mexico
(PERA), and the Mississippi Public Employees’ Retirement System (PERS).
PERSI joins KPPA, WSIB, New Jersey Division of Investment and PERS in
opting for a CIO already on staff.
The appointment means the list of state public pension funds actively seeking a
new CIO drops to four: the Pennsylvania Public School Employees’ Retirement
System, the Employees’ Retirement System of the State of Hawaii, the
North Dakota State Department of Trust Lands, and the Kansas Public
Employees Retirement System.