UN’s $61 Billion Pension Fund Starts Search for New Management
United Nations Secretary-General Antonio Guterres wants to overhaul management of the global body’s $61 billion pension fund after three years of underperforming returns and contentious delays in paying retirees.
The UN Joint Staff Pension Fund is seeking candidates with “more than 20 years of proven progressively responsible experience” to replace Carolyn Boykin, the former chief investment officer of the Maryland State Retirement and Pension System, who took the UN post three years ago, according to an internal job posting seen by Bloomberg News.
Whoever replaces Boykin won’t be taking a typical investment post. The UN fund is among the world’s most complex, with more than 128,000 participants and 72,000 retirees in nearly 200 countries. Its payments go out in 15 currencies, including dollars, euros, kroners and rupees.
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