Doug Wesley, SURS chief investment officer (CIO) for nearly seven years, is set to retire March 1, 2024.
“It has been an honor and privilege to serve SURS board and members,” said Wesley. “I strongly believe that SURS makes a difference in people’s lives and I’m thankful for the opportunity to contribute towards that mission. I am grateful to the executive team and staff for making this a great organization. Last, but certainly not least, I want to thank the investment team for their support and dedication.”
Wesley was appointed CIO in March 2017 by the SURS Board of Trustees. Prior to that he served as interim CIO for eight months following former CIO Dan Allen’s retirement in August of 2016. He was deputy chief investment officer for 10 years prior to being named interim CIO. His career with SURS has spanned nearly 30 years.
“Doug has played a critical role at SURS during his tenure, advancing our initiatives and successfully leading the investment team in building a strong $23.2 billion portfolio,” said Executive Director Suzanne Mayer. “His knowledge, dedication and steadfast demeanor have been invaluable, and he will be greatly missed.”
Wesley led the investment team through several transitions including the pandemic, portfolio redesign and increased utilization of diverse investment managers.
Following the 2018 SURS asset liability study, Wesley oversaw the implementation of SURS defined benefit portfolio reallocation designed to protect the System’s assets from market volatility. The portfolio’s robust diversification and intentional risk mitigation strategies proved effective during recent market difficulties.
Over his career at SURS, Wesley has been committed to providing opportunities for investment management firms and broker/dealers owned by minorities, women, and persons with a disability (MWDB). As of June 30, 2023, SURS investments with MWDB firms represent approximately $10.2 billion, or 44.3%, of the total fund.
“The SURS Board of Trustees wholeheartedly thanks Doug for his years of service,” said SURS Trustee and Investment Committee Chair Scott Hendrie. “His knowledge, leadership, hard work, and wise advice are pillars to the success of this fund. We wish him the best in retirement.”
SURS worked with consultant Korn Ferry to find a new CIO. Wesley’s replacement is expected to be announced in November.