The board of the Massachusetts state pension fund voted Tuesday morning to give executive director Michael Trotsky the added responsibility of chief investment officer of the $50 billion fund.
The board took up a proposal that had been floated recently by Treasurer Steve Grossman, to speed the pension board’s effort to fill the investment chief role, and in turn other vacant posts. Board members and the treasurer all emphasized that this was a temporary answer, given Trotsky’s investment experience, but not a permanent job reduction.
Under the new arrangement, Trotsky would get a $50,000 raise, to $295,000. The board would essentially save an additional $195,000 that could be spent to fill other jobs.
Trotsky, a former hedge fund manager, said: “I’m excited about this. You all know my first love is investments.”
Board member Bob Brousseau said this was a big step, but said he was in favor of the move. He said a year ago, he would not have approved it; Trotsky is now two years into the executive director job. His deputy, Stan Mavromates, the fund’s longtime investment chief, left for another job in June.
The fund rose about 1 percent in September with the market’s rally, officials said. That pushed year-to-date performance to over 9 percent.
Beth Healy can be reached at firstname.lastname@example.org.