Connecticut State Treasurer Denise L. Nappier has named M. Timothy Corbett, a 27 year industry veteran, as Chief Investment Officer and head of Pension Fund Management, a division of the Treasurer’s Office that is responsible for policy and strategic planning, implementation and supervision of the investment programs of the $20 billion Connecticut Retirement Plans and Trust Funds (CRPTF).
According to the announcement, the appointment of Corbett was made with the unanimous support of the state’s independent Investment Advisory Council (IAC). “After an exhaustive national search, we found the right candidate with the right skill sets in our own backyard, and overall the best fit for this post,” Nappier said.
Corbett started his professional career at Aetna in 1982, rising to the level of Head of Portfolio Management, where he developed investment policy and strategy for a $20 billion general account portfolio, leaving in 2002 for the position of Managing Director, Head of Asset Management at the Hartford Investment Management Company. From July 2008 until just recently, Corbett was the leader of fixed income at McMorgan & Company of San Francisco where he managed a $7 billion fixed income portfolio on behalf of Taft Hartley pension plans.
Corbett’s official appointment follows the State Investment Advisory Council’s review and approval of Corbett’s credentials at its June 29, 2009 meeting. According to the announcement, the IAC serves as an oversight body for the State’s pension and trust funds and is required by State law to give consent to the Treasurer’s recommendation for the position of CIO.
Korn/Ferry International, a leading head hunter firm, assisted in the CIO search and recommended the pool of candidates.
In commenting on his appointment, Corbett said, “at the end of the day I know that there are over 160,000 plan participants and millions of taxpayers who depend upon us to ensure that the assets of the funds are there to pay benefits earned over an entire work life. I look forward to this new challenge, and working alongside Treasurer Nappier in ensuring that the State’s pension and trust funds are managed prudently and successfully. This is a responsibility I do not take lightly, but do embrace.”
The announcement notes that Corbett and his family have deep roots in Farmington, Connecticut, where Corbett currently serves on the Board of Governors of the Hill-Stead Museum and chairs its Finance & Audit Committee. “It’s an added value for Connecticut’s state workers and retirees-and ultimately our taxpayers-to have Tim as CIO of the single largest fund of our state government,” said Nappier. Corbett will begin his tenure as CIO on August 3rd. In addition, Nappier has asked Lee Ann Palladino, who has served as Acting CIO, to stay on as Deputy CIO, according to the announcement. Palladino had previously served as the Treasury’s principal portfolio manager of the $5B Short Term Investment Fund, an investment pool for the operating cash of state and participating quasi-public agencies and municipalities.
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