Maryland Retirement Agency Hires Deputy CIO

The Maryland State Retirement Agency Friday announced that it hired Thomas Kim as joint deputy CIO for the Maryland State Retirement and Pension System.

Thomas Kim

Kim, who served as deputy CIO for the Tennessee Consolidated Retirement System, will report to the agency’s CIO, Andrew Palmer, and work with Deputy CIO Robert Burd. Kim’s first day in his new position was August 28.

“We are looking forward to working closely with Tom,” Palmer said in a statement. “With nearly three decades of combined investment experience in public and private sectors, I am confident that his expertise will continue to strengthen and secure the financial future of Marylanders.”

Prior to this role, Kim’s work in Tennessee involved oversight of management of $106 billion across various asset classes, including the Tennessee Consolidated Retirement System’s $68 billion portfolio, the state’s $35 billion Local Government Investment Pool and other endowments and trusts amounting to $3 billion. Kim was credited with achieving excess returns in the total fixed-income portfolio while serving as director of fixed income at TCRS, posting 135 basis points (bps), 18 bps, 33 bps and 43 bps over one-, three-, five- and 10-year periods, respectively, the Maryland agency reported.

Kim earned a B.A. in business administration from Towson University and an MBA from the Robert H. Smith School of Business at the University of Maryland. He holds both the CFA Chartered Financial Analyst and CAIA Chartered Alternative Investment Analyst designations.

The Maryland State Retirement and Pension System has 420,343 beneficiaries, including 198,647 active members who are Maryland state and municipal workers. The system reported average one-, three-, five- and 10- year returns of 7.93%, 2.57%, 7.50% and 6.38%, respectively, as of May 31.

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