The State Universities Retirement System (SURS) Board of Trustees has hired Douglas Wesley as Chief Investment Officer (CIO).

Wesley, who had been serving as interim CIO since former CIO Dan Allen’s retirement in August of 2016, has been with SURS for 19 years.

“After a national search for a chief investment officer, the board made the decision that Mr. Wesley is the most qualified and best suited to lead our investment team over the coming years,” said Chairman Tom Cross. “Doug has unique knowledge of the System, state laws and regulations, and is a trusted, pragmatic advisor to the board of trustees.”

Wesley was deputy chief investment officer for 10 years prior to being named interim CIO. He is a graduate of the University of Illinois at Urbana-Champaign (UIUC) with a Master’s Degree in Accounting and is a Chartered Financial Analyst (CFA). Prior to attending UIUC, Wesley served for six years in the United States Navy nuclear operations field as an electrician.

“I greatly appreciate the board’s support and look forward to continuing our work together,” Wesley said. “I am pleased and excited to lead such a dynamic team of investment professionals whom I consider my colleagues. SURS has an excellent investment track record, and I am honored to be entrusted to manage the System’s retirement assets on behalf of our 230,000 members.”

SURS investment team works with over 50 investment managers and consultants managing assets of $18.3 billion (as of June 30, 2016). SURS ranks in the top 100 largest public defined- benefit pension plans in the US, based on asset size.

SURS will immediately take steps to identify Wesley’s replacement.