Philadelphia Pension Plan Seeks a New CIO

The City of Philadelphia is seeking a new CIO for its pension plan to replace former chief Sumit Handa.

According to a job posting on LinkedIn, the CIO is tasked with the “creation and maintenance of an actuarially sound retirement system providing benefits to all city employees.” The compensation for the position hasn’t been announced. 

The steward of the city’s $4.5 billion defined benefit and $800 million deferred compensation plans will be appointed by the board of pension and retirements, the city said. The new appointee will also serve as the “primary liaison to the board and to any investment consultants.”

Specifically, the CIO will be responsible for developing, recommending, and implementing the overall investment strategy, as well as reviewing asset allocation decisions “on an ongoing basis to ensure optimal performance.”

The City of Philadelphia emphasized the CIO’s relationship with the board and said he or she will present investment recommendations and assist in developing policies consistent with fiduciary standards and state and federal regulations.

The position also requires conducting direct manager and consultant searches, thorough due diligence, and monitoring of all external managers.

In addition, the CIO will be asked to research and recommend “innovative investment management that can increase the return, reduce risk, or reduce the cost of the plan.”

According to the job description, the ideal candidate should hold advanced degrees in finance, accounting, or related fields, and certifications such as the Chartered Financial Analyst are highly preferred.

Applicants should also have at least eight years of extensive investment experience, including four years working in a public or corporate pension plans, endowments, foundations, or consulting firms. Those with experience in an investment organization should have worked on direct investments across assets and investment policy development.

Handa submitted his resignation in January after serving three-and-a-half years as CIO. Prior to that, he spent six years as a portfolio manager for New York-based hedge fund DKR Capital.

According to someone with knowledge of the situation, he left the Philadelphia pension plan for a CIO position at a major financial institution.

Interested parties should send resumes, cover letters, and salary requirements to hr.recruitment@phila.gov. So far, 77 people have applied, according to LinkedIn.

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