The State of Connecticut is about to get a new pension fund manager. The move is yet another spin in what has become a revolving door outside the gates of the state’s pension fund.
The chief investment officer position has been filled on and off over the past few years by Gregory Franklin, who originally took the job on an interim basis in 1997 following the resignation of CIO Gary Carter. He was once again thrust into the role after replacement, and former CalSTERS CIO, Thomas Flanigan was dismissed in late 2000 following communications and administrative conflicts with Connecticut Treasurer Denise Nappier.
The new name on the mantle will be that of Susan Sweeney, who currently works as an investment analyst for the pension fund. Last week, Nappier proposed that Sweeney be appointed the state’s new CIO, a move that was then endorsed by the Investment Advisory Council. She took over last Friday.
It is unknown at press-time why a change is being made. For his part, Greg Franklin is remaining with the Pension Fund Managmenet division of the state treasurer’s office.
The State of Connecticut is a major private equity player, with investments in such venture capital firms as New Enterprise Associates, Softbank Technology Ventures, Grotech Partners and Spectrum Equity Investors. The state also has significant LBO exposure, and is currently suing Forstmann Little & Co. for alleged violations related to investments in XO Communications and McLeodUSA.
Susan Sweeney was unavailable for comment by presstime.
Contact Dan Primack at: Daniel.Primack@tfn.com