June 7, 2021 – After an exhaustive search, Korn Ferry has helped to position Ray Joseph, a vp at Wilshire Associates, as the brand new chief funding officer of the $30 billion Los Angeles Hearth and Police Pensions (LAFPP). Senior consumer companion Michael Kennedy led the project for the search agency. Efficient June 14, Mr. Joseph will substitute Tom Lopez, who’s retiring after greater than 40 years with the pension fund. “After a prolonged search, I chosen Mr. Joseph as the brand new CIO for LAFPP,” LAFPP basic supervisor Ray Ciranna informed the web site Chief Funding Officer. “I’m thrilled that Ray shall be main the crew. He brings a wealth of information and I sit up for him constructing on the success of our sturdy funding program.”
Mr. Joseph brings upwards of 25 years of private and non-private funding expertise to the position. As a vp at Wilshire Associates, he offered funding methods for pension plans, endowments, foundations, and household places of work. Previous to Wilshire, he labored for Barclays and was chargeable for cross-asset technique, asset allocation and investor options for pensions, endowments, and foundations. Mr. Joseph was additionally the principal deputy particular trustee for the Workplace of the Particular Trustee throughout the U.S. Division of Inside, the place he oversaw $4.3 billion in belongings for greater than 500 Native American tribes, and $1 billion for the U.S. Treasury Division. He was additionally deputy CIO and appearing CIO for the State of New Jersey’s Division of Funding, the place he managed pension investments, deferred compensation plans and the state’s money administration program.
Administering the Retirement Plan
Eight years in the past, LAFPP supplied Mr. Joseph the final supervisor publish, however he declined.
Late final 12 months, board president Brian Pendleton praised Mr. Lopez for his efforts through the years. “The LAFPP commissioners wholeheartedly thank Tom Lopez for his years of service,” stated Mr. Pendleton. “His regular hand and clever recommendation are a pillar to the success of this fund.”
The Los Angeles Hearth and Police Pensions is devoted to administering the outlined profit retirement plan for all sworn (hearth, police and sure port police and airport police) workers of the Metropolis of Los Angeles. LAFPP has been serving eligible members and their beneficiaries since 1899. The company supplies service to about 13,500 lively members and 13,000 retirees and beneficiaries. Along with our its core position of managing the pension plan advantages, LAFPP’s companies embrace pre-retirement and retirement counseling, and retiree well being and dental subsidy program administration. Its mission is to advance the well being and retirement safety of those that dedicate their careers and threat their lives to guard the folks of Los Angeles.
A Rising Demand
Based on recruiters specializing within the perform, demand for government degree, “excessive affect” investing expertise has been on the rise; that demand is anticipated to soar in coming years. However recruiters say these roles will be typically troublesome to develop and in the end fill for shoppers, given their multi-disciplinary and evolving nature. Actually, affect investing roles are new to many organizations, they report.
Korn Ferry’s structured international affect investing crew attracts upon its experience in a lot of areas, together with non-profit, social enterprise, philanthropy, monetary companies, vitality, training, healthcare, actual property, know-how, public-private partnerships, CEO, boards, management improvement and succession planning.
Mr. Kennedy is predicated in Korn Ferry’s Atlanta workplace. He’s a member of the agency’s international monetary companies market specializing in business/funding banking capital markets and asset administration searches. He’s additionally the co-leader of Korn Ferry’s range heart of experience. Mr. Kennedy brings broad personal fairness and company finance expertise to his government recruiting. He has carried out senior-level searches in a big selection of funding banking and capital markets areas, together with mergers and acquisitions, company finance, mortgage syndications, structured finance and asset administration. He leads the agency’s efforts within the pension sector and has carried out searches for pension funds, endowments and foundations.
Previous to becoming a member of Korn Ferry, Mr. Kennedy owned a enterprise capital consulting agency the place he suggested a Southeast-based personal fairness fund. Earlier than founding his personal agency, he was a vp within the company finance group at GE Capital Corp., the place he offered senior debt, mezzanine, and fairness financings to corporations for recapitalizations, acquisitions and buyouts. Earlier, he was a vp on the Wachovia Corp. within the U.S. company group. Mr. Kennedy began his monetary companies profession in funding administration at J.P. Morgan & Firm in New York.
Mr. Kennedy was appointed by President Obama to function chairman of the Federal Retirement Thrift Funding Board, the biggest pension fund within the nation, and has been confirmed by the U.S. Senate.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media