New Jersey Division of Investment director Tim Walsh to step down


walshThe New Jersey Division of Investment said that its investment director Timothy Walsh has decided to resign from his job to join an unnamed real estate management firm.

The $74bn fund said that State Investment Council Chairman Robert Grady will lead a search committee, aiming to find a replacement by early 2014. In the meantime, the Department of Treasury appointed deputy director Chris McDonough as acting director.

McDonough joined the Division in January 2011 after working as CIO of the Philadelphia Board of Pensions and Retirement.

Walsh, pictured, was appointed as director of the Treasury’s Division of Investment in July 2010 after serving as CIO of the Indiana State Teachers Retirement Fund, where he managed more than $8.5bn. His tenure at the Division will end on August 30 this year.

Grady noted that in the three years to end June 2012, the fund’s overall return was 11.1 per cent per year, which was 106 basis points ahead of its benchmark.

State Treasurer Andrew Sidamon-Eristoff  said, “I have every confidence that the search committee will find a successor with the right combination of skills and experience to lead the nation’s twelfth largest public pension fund to continued success and high levels of performance.”

The fund’s recent investments include Marlin Equity Partners’s $1.6bn fourth buyout fund, which was closed in May after only eight months after its launch.

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