The New Jersey Division of Investment has hired Philadelphia’s investment chief as its new deputy director.
Chris McDonough, the chief investment officer of the $3.7 billion Philadelphia Public Employees Retirement System, is leaving the pension at the end of the year to join the $71 billion New Jersey Division of Investments.
He will replace deputy director of investments Ray Joseph, who is leaving by the end of this month. McDonough will start his new role on Jan. 3. He will report to director of investments Tim Walsh and will work with him on the pension’s hedge fund investments as well as all other asset classes. Joseph declined to comment on his next move.