Connecticut Treasurer Denise Nappier on Thursday promoted Laurie Martin to chief investment officer of the $34 billion Connecticut Retirement Plans and Trust Funds, after Sean Crawford abruptly resigned 10 days into the job.
“This is an unfortunate situation," state Treasurer Denise Nappier said of Crawford's resignation. "I wish Sean the very best in his future plans.”
According to Nappier, Connecticut’s independent Investment Advisory Council approved Martin's appointment unanimously.
"This is an appointment well deserved," she said.
Crawford had held the same position at New York's Metropolitan Transportation Authority since 2014. There, he oversaw the investment activity for the authority’s $15 billion defined benefit plan, deferred compensation plan, captive insurance company and other post-employment benefits plan.
Martin joined the state Treasury in October 2016 as deputy chief investment officer, and served as interim CIO for 15 months.
Crawford will head the Treasury’s pension funds management division, with responsibility for collaborating in the development and implementation of investment policy; conducting due diligence and fund performance evaluation; assisting in the recommendation of external investment advisors, consultants and other service providers; and directing the day-to-day administration of the investment program.
Before her arrival at the Treasury, Martin managed investment programs for Baystate Health Inc. for 20 years. She also has held investment accounting positions at ITT Hartford and Mass Mutual Life Insurance Co.
She is a certified internal auditor and a certified public accountant, and holds a master's degree in business administration from the University of Massachusetts.
The overall value of the Connecticut Retirement Plans and Trust Funds was $34.4 billion as of Dec. 31. Nappier said is was its highest level ever at the end of a calendar year.
Overall, the CRPTF exceeded the investment performance of 70% of its peers, according to Wilshire Trust Universe Comparison Service data.