Following a two-year search, the state treasurer has hired veteran Hartford area investment manager M. Timothy Corbett to oversee the state’s $20 billion retirement portfolio as chief investment officer.
State Treasurer Denise L. Nappier tapped Corbett, a 27-year investment veteran, with unanimous support of the state’s independent Investment Advisory Council. Corbett begins work on Aug. 3 at an annual salary of $328,750.
Corbett fills a post that officially had been vacant since the 2007 departure of the treasurer’s former CIO Susan Sweeney.
Lee Ann Palladino, a longtime treasury portfolio manager who was acting CIO, will remain with the department newly-created post of deputy CIO.
Aided by executive recruiter Korn/Ferry International, the treasurer’s office led a nationwide search to find Corbett.
“… We found the right candidate with the right skill sets in our own backyard, and overall the best fit for this post,” Nappier said in a statement. “Tim Corbett brings a world of experience and fresh eyes and ideas to the management of our pension and trust funds-an important attribute to investing prudently during these difficult economic times and as the financial markets undergo major change.”
Corbett’s career began at Aetna in 1982, where he eventually rose to oversee its $20 billion general account portfolio. In 2002, he moved over to lead asset management at the Hartford Investment Management Co. (HIMCO).
From July 2008 until recently, Corbett led a $7 billion fixed-income portfolio at McMorgan & Co. of San Francisco.
He is a chartered financial analyst and a fellow of the Society of Actuaries.
The Farmington resident serves on the board of the Hill-Stead Museum there and chairs its finance and audit committee.
