BOSTON, April 14 The state of Rhode Island hired
a senior Goldman Sachs Group Inc executive as chief
investment officer to oversee its $7.9 billion pension fund, the
state's Treasurer said in an email on Friday.
Alec Stais was a managing director at Goldman Sachs Asset
Management, where he helped match smaller pensions and
endowments with investment staff in the Global Portfolio
Solutions Group. He worked for Goldman for 21 years.
Stais will start the new position in May, succeeding
Anne-Marie Fink, a former JP Morgan banker, who left the pension
fund in June 2016 for a position in the private sector.
The pension fund made headlines in October with its decision
to exit a handful of hedge funds, including Och-Ziff Capital
Management, Brevan Howard Asset Management and Ascend
Capital. For the 12 months that ended in February, Rhode
Island's pension fund returned 14.4 percent, modestly
outperforming its benchmark which gained 14 percent.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)