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Department of the Treasury


For Immediate Release:
January 27, 2021
Media Contact:
Jennifer Sciortino
(609) 789-8647

NJ Division of Investment Announces New Additions to Senior Investment Team to Help Oversee One of the Country's Largest Public Pension Funds
Shoaib Khan Joins Division as Deputy Director; New Heads of Real Assets, Fixed Income, & Sustainable Investing Portfolio Manager Also Announced

(TRENTON) – The New Jersey Department of the Treasury's Division of Investment (DOI) announced several new key hires and promotions at today's annual meeting of the State Investment Council (SIC), chief among them Shoaib Khan, the division's new Deputy Director.

DOI has made substantial progress in bolstering its senior investment team over the past year, filling some long-standing vacancies and creating several new positions that will support the new policy and investment philosophies adopted by the SIC in recent years, most notably the incorporation of Environmental, Social, and Governance (ESG) analysis into the investment decision-making process and the expansion of opportunities for Minority- and Women-Owned Business Enterprises (MWBE).

As Deputy Director, Shoaib Khan will help manage the overall operations of the Division of Investment, which is one of the largest pension fund managers in the United States. DOI is responsible for the investment management of New Jersey's roughly $80 billion Pension Fund, which supports the retirement plans of hundreds of thousands of active and retired employees in numerous pension systems – including the Judicial Retirement System, the Public Employees' Retirement System, and the State Police Retirement System – along with New Jersey's Cash Management Fund.

Mr. Khan joined the Division of Investment on January 4, bringing a wealth of experience to the role of Deputy Director, which had been vacant since Corey Amon was promoted from Deputy Director to Director. Throughout his lengthy career, Mr. Khan has served in numerous senior management positions at both public and private investment institutions domestically and around the globe.

"Shoaib Khan is a welcome addition to our team," said DOI Director Corey Amon. "He brings a tremendous amount of experience with him that will serve the division well during this exciting time. Along with these other new additions to our senior investment team, I am confident that the division is well positioned to maximize returns and in a way that comports with the new policy initiatives adopted by the division in recent years.

"On behalf of the State Investment Council, I'd like to welcome these new members to the Division of Investment," said SIC Chairman Deepak Raj. "We are confident that they will strengthen the division's investment operations and better position us to meet our long-term investment objectives for the benefit of hardworking public employee retirees."

Most recently, Mr. Khan served as a Senior Portfolio Manager at the Florida State Board of Administration. Prior to that he was with Axlewood Asset Management, a family office in New York, as well as Union Bancaire Privee (UBP), a Switzerland-based private bank. He joined UBP as a Senior Portfolio Manager based in Geneva, Switzerland and subsequently took on the role of Global Head of Portfolio Management during which time he was based in Geneva, London, and New York. While at UBP, he oversaw investment teams based in Geneva, Zurich, London, New York, Hong Kong, and Tokyo. Mr. Khan holds a Bachelors of Business Administration from Florida International University and received a Masters of Accounting from Nova Southeastern University. He is also a CFA charterholder and a CPA.

"I am thrilled to join the New Jersey Division of Investment," said Shoaib Khan. "I look forward to working closely with the team and, together, delivering on the division's mission. I believe as one of the larger U.S. pension plan managers, DOI is well positioned to provide significant value in so many ways. I am excited to have the opportunity to play a part in that."

To round out the team and further these goals, the Division of Investment announced the hiring of Bill Connors as the Head of Fixed Income and Niraj Agarwal as the Head of Real Assets. Additionally, Suzanne Hannigan, who has been with the division since October of 2015, was recently named to the newly created position of Sustainable Investing Portfolio Manager. Earlier this month, Treasury also announced the hiring of Eddie Ramos as the Division's first Diversity Portfolio Manager.

"The new staffing additions and appointments at the Division of Investment will play a pivotal role in securing the retirements of hundreds of thousands of public employees throughout the State of New Jersey," said State Treasurer Elizabeth Maher Muoio. "On behalf of the Department of the Treasury, I want to welcome them all on board and wish them well."

"Shoaib Khan and the other new additions to our senior investment team are experienced, seasoned professionals dedicated to the highest fiduciary standards and that bodes well for the future of the New Jersey Pension Fund," said Assistant State Treasurer Dini Ajmani.

The division also anticipates additional hires during the first half of 2021 that will strengthen its overall investment operations.

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Last Updated: Wednesday, 01/27/21