Andrew Palmer, chief investment officer at the Maryland State Retirement and Pension System, confirmed with Institutional Investor that he plans to retire by the end of the fiscal year. The Allocators’ Choice Awards finalist announced to the board on Wednesday his plan to step down on June 30.

A spokesperson for the Baltimore-based pension plan said he will continue to serve as CIO while the board and the Maryland State Retirement Agency conduct a global search for his successor. Palmer is working with the executive director and board to ensure a smooth transition.

Palmer joined the state plan as CIO in 2015, having previously been deputy CIO for the Tennessee Consolidated Retirement System. During his tenure as CIO, Palmer oversaw Maryland SRPS forming a climate advisory panel and formally codify the system’s emerging manager program into its investment policy manual. (He was a finalist for the fifth annual ACAs for his advocacy for best-in-class performance and standards.)

Palmer also rebuilt the investment team, lowered costs, and enhanced returns by internally managing 20 percent of the public markets assets and by initiating a co-investment program across all private markets. When he joined SRPS, the investment portfolio was valued at $46 billion. It has since grown to $70 billion, with $2.4 billion of the increases coming from alpha. 

Palmer serves as investor board co-chair for AIF Global and is on the board of HCRx Holdings and the Managed Funds Association (MFA), and on the University of Maryland’s Economics Leadership Council. Additionally, he has been active in the Institutional Limited Partners Association (ILPA), the Council of Institutional Investors (CII), and the CFA Institute. This past year, Palmer was named to the Diversity, Equity and Inclusive Capitalism (DEIC) Power100 List. He was also president of the Washington Association of Money Managers.

Maryland SRPS returned 6.93 percent net of fees for its fiscal year ending June 30, 2024, beating its policy benchmark by 59 basis points. Its three-, five-, and 10-year returns as of June 30 were 2.28 percent, 7.02 percent, and 6.32 percent, respectively. Palmer attributed the plan’s returns to its “mix of public and private investments… participating in strong public market environments, such as fiscal year 2024, and providing a level of protection during difficult times through the more stable private market valuation practices."