BOSTON Dec 17 The chief investment officer of
Rhode Island's state pension fund, Kenneth Goodreau, will become
CIO of TIG Advisors on Jan. 1, the private New York-based
investment manager said.
The move is the latest in a string of departures by top U.S.
pension fund executives for the private sector where salaries
tend to be significantly higher than in state governments.
Goodreau helped the $8 billion state fund invest with hedge
funds during his six-year tenure. He is the founder of hedge
fund Knollwood Capital Management.
TIG, with about $2 billion under management, expects to
launch new investment strategies when Goodreau is on board, TIG
President Spiros Maliagros said in an interview. "We expect to
be active this year; we are always opportunistically looking for
strategies that will enhance our platform."
TIG was founded by Carl Tiedemann, a former chairman of Wall
Street investment bank Donaldson, Lufkin & Jenrette. It offers
clients access to customized portfolios and provides services to
Wall Street portfolio managers, such as back office, compliance,
risk control and investor relations.
This year, the group has backed five new managers, including
a pair of former proprietary traders from Royal Bank of Canada
and Bank of American who wanted to start a mortgage structured
credit hedge fund.
At a time many state pension funds are underfunded and their
chief investment officers face new pressures in efforts to boost
returns, a handful have left for the private sector in the last
In 2011, Raudline Etienne left the $150 billion New York
State Common Retirement Fund for the Albright Stonebridge Group.
Six months ago Stanley Mavromates left the $50 billion
Massachusetts state pension fund to become chief investment
officer of Mercer Investments.