UN’s $61 Billion Pension Fund Gets New Chief After Shortfalls
UN Secretary-General Antonio Guterres named Sudhir Rajkumar, a top official at the World Bank Treasury, to head the global body’s $61 billion pension fund in an attempt to reverse three years of below-target returns.
Rajkumar will replace Carolyn Boykin, the former chief investment officer of the Maryland State Retirement and Pension System, in January, United Nations spokesman Stephane Dujarric told reporters Thursday. In December, the UN General Assembly criticized the pension fund’s performance, singling out $3.4 billion in foreign-exchange costs, and for delays in making payments.
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, kroner and rupees.
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