Illinois Municipal CIO Dhvani Shah to resign at end of December

Dhvani Shah, CIO of the Illinois Municipal Retirement Fund (IMRF), has announced plans to resign from her position, effective Dec. 28. She is leaving IMRF to join Florida-based JM Family Enterprises as its CIO.

IMRF executive director Brian Collins will serve as interim CIO until Shah’s position is filled. The board of trustees is planning to discuss a timeline for identifying Shah’s successor at its next full board meeting on Dec. 18.

“For the last nine years, Dhvani managed the portfolio through some of the most turbulent markets in memory, and under her leadership, the fund doubled in size,” said Collins. “She will be greatly missed, and we sincerely wish her well in her future endeavors.”

Shah joined IMRF in December 2011 and grew the pension fund’s investment portfolio from $24.8 billion to $48.3 billion during her tenure. During that time period, Shah significantly diversified the IMRF portfolio through numerous strategies, including the adop