The Connecticut Retirement Plans and Trust Funds announced that its chief investment officer, M. Timothy Corbett, planned to step down to become chief investment officer and executive vice president of the Massachusetts Mutual Life Insurance Company.
Connecticut’s state pensions have $2.1 billion in private equity and venture capital, about 9 percent of the system’s $25 billion in assets. The system’s overall private investment target is 10 percent.
Corbett was responsible for the pensions’ investments and strategic planning. His resignation is effective on Friday, May 20th. He starts in his new role the following Monday.
Mr. Corbett’s deputy at the Connecticut pension, Lee Ann Palladino, will return to the role of interim chief investment officer and will also serve as head of the Connecticut treasury’s Pension Funds Management Division. Palladino was interim CIO prior to Corbett’s CIO appointment in July 2009.
“Connecticut has been well-served by Tim’s exceptional skills and affable professionalism,” said Denise Nappier, Connecticut’s treasurer. “I am deeply grateful for his contributions.”
In his new role, Corbett will be in charge of MassMutual’s overall investment strategy and will report to Roger Crandall, MassMutual’s chairman and chief executive.