OCERS names new CIO

Molly Murphy will be responsible for implementing asset allocations adopted in January, including an increased private equity target to 8%.

The Orange County Employees Retirement System (OCERS) has named Molly Murphy as chief investment officer, according to a statement released by the pension.

Murphy begins her position on 23 June, according to OCERS, which had 5.5 percent of its portfolio invested in private equity as of 31 December. She replaces Girard Miller who stepped down from the role in December to become an independent consultant for institutional investments, Miller's LinkedIn profile shows.

Murphy will lead the pension's investment committee and will work on implementing the asset allocation adopted in January, as well as evaluating the $14.3 billion pension's private equity programme, the statement said.

In January OCERS increased its private equity target allocation to 8 percent from 6 percent, as reported by Private Equity International.

Murphy joins the Santa Ana-based pension from Mercy Health, a Cincinnati-based $5 billion multi-state healthcare system. She was CIO there from 2004.

At Mercy Health, Murphy developed an internal investment office with in-house due diligence and risk analytics processes, and expanded private equity investments to co-investments in venture capital and growth equity, the OCERS statement said.