NHRS Hires New Chief Investment Officer

Raynald Leveque to lead investment program

Sep 15, 2022
  • NHRS

For Immediate Release: September 15, 2022
Contact: Marty Karlon, Director of Communications & Legislative Affairs, (603) 410-3594; public_relations@nhrs.org

CONCORD, NH – The New Hampshire Retirement System (NHRS, the retirement system) has hired Raynald Leveque to serve as Chief Investment Officer (CIO), effective October 1.

As CIO, Leveque is responsible for providing expert investment counsel to the Board of Trustees and Independent Investment Committee (IIC) and directing all aspects of the retirement system’s $11 billion investment program.

Leveque is joining NHRS from the State of Connecticut, where he has served as Deputy Chief Investment Officer since January 2020. In this capacity, he was second only to the CIO in managing the $46 billion fund. He replaces Larry Johansen, who retired on September 1.

“I’m pleased that we were able to attract a pool of outstanding candidates for this position, and I’m looking forward to working with Raynald and the IIC,” said NHRS Executive Director Jan Goodwin.

Before joining the Connecticut Office of the Treasurer, Leveque was with the Bank of New York Mellon as Vice President of Asset Owner Strategy for over two years. This followed a long stint at the New York State Common Retirement Fund, where he was the Head of Asset Allocation and Director of Risk Management. He also worked as a quantitative analyst at Oppenheimer Funds early in his 25-year investment career.

Leveque earned his MBA from Fordham University. He has a bachelor’s degree in Computer Engineering from the Rochester Institute of Technology.

“I want to thank the New Hampshire Retirement System for the opportunity to serve New Hampshire’s retired state and local employees, police and fire employees, and teachers,” said Leveque. “Looking ahead, we will build on the current investment success, working with the IIC and Board of Trustees to secure an equitable future for generations through strong investment performance, protecting and growing our retirees’ pension assets, and developing a robust investment office,” Leveque said.

Leveque was hired after a seven-month national search conducted by an ad hoc search committee consisting of Trustees, members of the IIC, and NHRS staff, with the assistance of EFL Associates, a nationally recognized executive search firm.

Johansen announced his retirement in January after 12 years at the retirement system. During his tenure, NHRS’ trust fund assets more than doubled, and the investment program consistently ranked in the top quartile of peer public pension funds.

NHRS pursues an investment strategy designed to achieve its long-term funding requirements. The goal is to meet or exceed the retirement system’s 6.75% assumed rate of return over the long term while at the same time managing the risk, return, and liquidity of the portfolio.

The Board of Trustees, with research and input from NHRS investment staff, outside experts, and a recommendation from the Independent Investment Committee (IIC), set an investment policy that includes asset allocation targets and acceptable ranges. The IIC, established by statute on January 1, 2009, oversees investments based on the trustees’ policies, continuously monitors and evaluates performance, and makes determinations regarding the hiring and retention of fund managers. By law, all IIC members must have “substantial experience in the field of institutional investment or finance.”

About NHRS

NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and more than 460 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has more than 48,500 active members and 41,000 benefit recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.

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