LACERA appoints new CIO
The $48.9 billion Los Angeles County Employees Retirement Association has appointed Jonathan Grabel as its chief investment officer, according to news sources. The new appointment officially went into effect on April 17. He replaces Vache Mahseredjian, who has served as LACERS’ interim CIO since May 2015, when former CIO David Kushner resigned. Prior to the move, Grabel served as CIO for the $14.3 billion New Mexico Public Employees Retirement Association since 2014, where he was responsible for investing more than $15 billion for both the defined benefit and defined contribution trusts. Before joining New Mexico, he served as CIO for Montgomery County (Md.) Public Schools from 2011 to 2014. In additional news, LACERA renewed its contract with The Townsend Group as its real estate consultant. The Townsend Group has been the pension fund’s real estate consultant since 1992.