The Employees’ Retirement System of Hawaii (ERS) has parted ways with Vijoy ‘Paul’ Chattergy, the pension fund’s chief investment officer since 2012, as of this past Monday. The pension fund declined to disclose additional details, though anonymous sources have termed it a firing, according to the Honolulu Star-Advertiser.
Chattergy’s departure, which was first reported by the Star-Advertiser, comes amid a period of turbulence for the $16.3 billion US public pension. According to the Wall Street Journal, the ERS suffered losses selling put options during the market volatility occurring over the past few weeks. Furthermore, the pension fund carried a significant unfunded liability of $12.9 billion, for a funded ratio of less than 60 percent.
The ERS has a 16 percent allocation to alternative investments. Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.