Andrew Palmer, chief investment officer (CIO) of Maryland State Retirement Pension System (SRPS) announced his retirement on Jan. 22, 2025. Serving as CIO since 2015, Palmer plans to step down on June 30, 2025, according to a press release. SRPS plans to conduct a global search for a prospective CIO.
When Palmer began at SRPS, its assets under management were valued at $46 billion. Since then, its portfolio has grown to $69 billion. SRPS is a public pension fund that administers death, disability and retirement benefits to more than 405,000 members. It has a long-term policy target of 15 percent to real assets, including 10 percent to real estate and 5 percent to natural resources/infrastructure. As of June 30, 2023, it had $6.8 billion invested in real estate, pushing it 0.5 percentage points above its target allocation. It had $3.1 billion investments associated with natural resources/infrastructure, amounting to 4.8 percent of total assets.