Third senior executive leaves MassPRIM

Stanley Mavromates, chief investment officer at MassPRIM, has become the latest senior executive to leave the $50bn pension fund.

Three senior investment professionals have now left the Massachusetts Pension Reserves Investment Management Board in the last nine months. Stanley Mavromates, chief investment officer at the pension fund, has decided to leave to take up the role of CIO at consultancy group Mercer. He begins work there in late June.

A spokesman for MassPRIM confirmed the departure.

Mavromates’ departure follows those of Michael Langdon and Wayne Smith last year. Public pension schemes have long fought to hang on to their top talent, with the private sector typically able to offer greater incentives.

Langdon, formerly senior investment officer for private equity at MassPRIM, left to join Hermes GPE in September last year and help establish its Boston office alongside Delaney Brown, Hermes GPE’s head of Americas.

Smith, head of the pension fund’s $6.8 billion private equity programme, left in August last year to join fund of funds manager Pathway Capital Management.

Mavromates joined MassPRIM in 2000, having worked as an investment consultant at John Hancock Financial Services for 11 years. He also served for five years in the US Marine Corps.

He became chief investment officer of MassPRIM in 2005.

Michael Trotsky, executive director at MassPRIM, wrote to staff to inform them of Mavromates’ departure. “Stan has been a major defining characteristic for PRIM over the course of the past decade-plus, and in a very positive way, and Stan has not only contributed tremendously to PRIM’s great performance and success, but has also contributed tremendously to PRIM’s positive culture,” he said.

Recent commitments by MassPRIM include a $150 million investment in Wayzata Investment Partners’ third fund, and a $23 million commitment to two Index Ventures funds. The fund has allocated up to $1 billion for private equity this year, and up to $700 million for private debt. Its private equity programme returned 17.1 percent in the fiscal year 2011, with the overall pension fund generating a 22.3 percent return.