The Orange County Employees Retirement System has hired
veteran healthcare chief investment officer Molly Murphy to
lead its $14 billion portfolio.
Murphy, previously CIO at Mercy Health in Cincinnati, will
relocate to Southern California for a June 23 start at the
defined benefit retirement system in Santa Ana, according to a
statement Tuesday from the Orange County
pension fund. She spent a dozen years managing assets for Mercy Health,
a $5 billion healthcare system formally known as Catholic
Health Partners, leaving in June 2016 after the groups
longtime Chief Executive Officer Michael Connelly announced his
Based on Orange County Employees Retirement System
documents, Murphy is moving into one of Californias
best-paid public pension CIO roles. The fund paid its prior
CIO, Girard Miller, $528,889 in total compensation for 2016,
including pension benefits worth $92,756.
Her successful investment experience, in-depth
knowledge of the market, as well as years of team leadership
impressed the search committee, Orange County Employees
Retirement Systems CEO Steve Delaney said in the
announcement of her hiring.
The Orange County pension fund has been without a dedicated
portfolio head since Miller resigned in January, following a
four-year tenure marked by bold initiatives and eccentric
public statements. Last year, for example, Miller authored a
request for proposals from consulting firms that asked,
Do you host or sponsor pay-to-play or
clients4free but managers pay conferences?
and required that firms force-rank their competitors.
Murphy rose to senior investment positions in the private
sector before managing institutional money in-house. Murphy
began her career at Fidelity Investments in 1989 and then
became a fixed-income portfolio manager at Fifth Third Asset
Management in 1993, according to her LinkedIn bio page. She co-founded bond
boutique Seasongood Asset Management in 2000, serving as CIO
Mercy Health, now led by John Starcher, has not hired
another CIO to replace Murphy, according to a person with
knowledge of the matter. A spokesperson for Mercy Health
didnt immediately return a phone call seeking