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Corporate Moves

Texas A&M Foundation Taps Michael Pia for CIO

The former Texas TRS managing director will oversee the roughly $1.9 billion university endowment.
By Sarah Min

CIO Michael Pia. Photo courtesy of Texas A&M Foundation.

The Texas A&M Foundation has picked a former Texas TRS managing director as its next investment chief. 

Michael Pia, who oversaw strategic partnerships and research at the Teacher Retirement System of Texas (TRS), started managing the university foundation’s investment staff this month, according to a release. 

“I am inspired by its work to build a brighter future for Texas A&M University so that Aggieland can continue to develop future leaders for Texas and our nation,” Pia said in a statement. 

The new investment chief on campus is taking over the $1.9 billion investment portfolio just as university endowments across the nation are dealing with a coronavirus-induced downturn that’s constraining gains and budgets.

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Texas A&M Foundation returned just 5.5% last year, falling behind its own average annual performance of 7.2% for the past 15 years, according to its fiscal year 2019 report.

At TRS, Pia had led a nine-person investment team since 2015 that managed $15 billion in assets. He also worked for a time as chief of staff to the TRS CIO.

“Under Pia’s leadership of the investment team, we will continue to ensure that endowed donors’ gifts through the Texas A&M Foundation will be professionally invested for the benefit of Texas A&M’s students, faculty and staff for the coming decades,” said Tyson Voelkel, the foundation’s president. 

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Home > News > Corporate Moves > CalSTRS Searches for Director of Investment Services
Corporate Moves

CalSTRS Searches for Director of Investment Services

The position on the senior investments team will replace COIO Debra Smith, who retired this month after 24 years at the fund. 
By Sarah Min

The California State Teachers’ Retirement System (CalSTRS) is searching for a director of investment services to replace Chief Operating Investment Officer Debra Smith, who retired this month. 

The senior position on the investments team was created after Smith, who worked at the fund for 24 years, announced her retirement in February. She is expected to stay on for a short time as a retired annuitant to help the pension fund through the downturn. 

The candidate hired for the position will oversee investment policy, as well as the business and operational management of the investments branch, according to the job listing. He or she will also act as the main back-up for the CIO and deputy chief investment officer (DCIO). 

The candidate will also liaison between the portfolio’s seven asset classes and the team’s three units, which include the investment operations, investment branch administration, and the investment performance and compliance teams. 

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Candidates have until June 13 to submit an application. Base salary for the position ranges from about $262,008 to $392,004 annually. 

But candidates can be eligible for additional incentive compensation. Starting in July, that will increase to a maximum 125% of base salary for the next fiscal year, up from 100%. 

A current employee can also be eligible for one additional 5% base pay differential if they have one of the following certifications: chartered financial analyst (CFA), certified commercial investment member (CCIM), financial risk manager (FRM), certified investment management analyst (CIMA), or chartered alternative investment analyst (CAIA). 

The nation’s largest educator retirement system is currently on a hiring spree, posting several listings on its social media channels for its pension program, as well as additional information technology (IT) staff. 

Another senior member expected to move on from the fund is CEO Jack Ehnes, who postponed his retirement to June 2021 to stay with the pension fund through the downturn. 

 

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CalSTRS Mandates More Money from State, Employers to Absolve Growing Deficit

CalSTRS COIO Debra Smith to Retire in May

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