OCERS hires new CIO

The Orange County Employees Retirement System has appointed Girard Miller to the position of chief investment officer, the $9.6 billion retirement system announced in a statement Tuesday.

Miller will be responsible for overseeing OCERS’ investment department, including the system’s $277 million private equity portfolio, according to spokesman Robert Kinsler. 

Miller has spent the bulk of his career focusing on public markets, having most recently worked as a senior strategist for retirement finance and public-sector investments at the PFM Group. He previously worked as president of the Janus Mutual Funds as well as chief operating officer of global investment company Janus Capital Group. 

He also has considerable experience in the public sector, having started his career in local governments in New Jersey and Michigan. Miller later joined the Government Finance Officers Association, according to an OCERS statement.

Orange County recently worked with investment consultant NEPC to construct a new asset allocation mix, which was approved in May. The retirement system’s target allocation to private equity remained steady at 5 percent; though it did add allocations to emerging market debt and diversified credit. 

In April, OCERS committed a total of $85 million to fund of funds Abbott Capital Management and Adams Street Partners. The retirement system approved a $50 million commitment to Abbott Capital’s North America-focused 2012 Annual Programme Fund and $35 million Adams Street’s 2012 Global Fund.

As of March, OCERS had a 3.2 percent allocation to private equity. The retirement system’s range is between 3 percent and 7 percent, according to county documents.