A former combat naval officer, Paul Doane had retired from a career that included serving as a state senator in Massachusetts and stints at Oppenheimer Capital and Massachusetts Pension Reserves Investment Management before answering calls to become CIO at Arkansass state retirement system and then at the St. Paul Teachers Retirement Fund. Doane, who retired once more at the end of June, believes in giving asset managers a lot of room to maneuver and in holding state legislatures to their pension-funding commitments.
On public pension investment targets
We have an investment target of 8 percent set by the legislature that Im sure is laughingly high for people in this room.
On the industry view of financial risk
Theyre relaxing mortgage lending practices now. How quickly we forget.
On the challenge of investing public pension assets
Were trying to develop greater nimbleness and reaction time, either through board governance or through managers being given less constrained mandates.