Rhode Island named Andrew Junkin, president of Wilshire Consulting since 2015, its new chief investment officer, state General Treasurer Seth Magaziner announced.
Junkin began his CIO duties on Monday.
At Wilshire, he led a team of more than 80 investment professionals. During his 15 years there, he worked with public and corporate pension funds, foundations, endowments and insurance companies.
"I look forward to working with Treasurer Magaziner, his team and members of the State Investment Commission," Junkin said in a statement.
Additionally, the Rhode Island Senate confirmed Alfonso Cumplido for the State Investment Commission. Cumplido is director of investment strategy at Independence Financial Partners in Providence. He also sits on the board of CFA Society Providence and Junior Achievement RI, respectively.
Also, Sol Taubin recently joined Magaziner’s office as policy director. Taubin was previously director of the city of Providence Human Relations Commission, and a policy aide to Mayor Jorge Elorza.
Most recently, she supported community organizations with strategy, project management, and community engagement as a consultant with Systems Change Strategies.
According to Magaziner, the Rhode Island pension fund returned 1.7% in May, earning more than $140 million from investments.
Over the 12-month period ending May 31, the system returned 6.6%, outperforming the plan's benchmark return of 5.6% for the same period. The crisis protection class has been a key contributor to the system's 12-month investment performance, Magaziner said, returning 15.7%.
Magaziner in September 2016 announced a “back to basic” investment strategy and has since moved more than $500 million out of hedge funds in favor of more traditional investments.
