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Shoaib Khan, acting director of Treasury’s Division of Investment (DOI), has been selected as the permanent director of the division, State Treasurer Elizabeth Maher Muoio announced Friday.

DOI is responsible for the investment management of New Jersey’s pension fund, which supports the retirement plans of hundreds of thousands of active and retired public employees in several pension systems. The value of the state pension fund is roughly $95 billion.

Khan has served as acting director since June 2021, following the departure of former Director Corey Amon. He was appointed by Muoio to be the permanent director after his name was submitted as a qualified candidate by the State Investment Council (SIC).

“Shoaib has been instrumental in managing the overall operations of our Division of Investment, which is one of the largest pension fund managers in the United States,” Muoio said. “His experience as deputy director and acting director will serve him well as he leads the division in a permanent capacity.

“Shoaib has worked diligently to advance innovative policy initiatives, including the new Emerging Managers program, and he has always maintained a strong commitment to DOI’s fiduciary responsibilities to the over 800,000 members of our public pension system. I wish him all the best in his new role.”

Khan joined the Division of Investment as deputy director in January 2021. 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.

“I’m honored to be selected to serve as permanent director of DOI and would like to thank the Treasurer and State Investment Council for their trust and support,” said Khan. “I look forward to continuing the Division’s crucial work and upholding its high fiduciary standards.”

“On behalf of the State Investment Council, I’d like to congratulate Shoaib Khan on his appointment as director of the Division of Investment,” said SIC Chairman Deepak Raj. “His notable leadership skills, broad experience in managing public and private investments, and steady hand during our pandemic recovery made him the clear choice in our search for a director.”

Prior to joining Treasury, Khan was a senior portfolio manager at the Florida State Board of Administration. During his career he has also been with Union Bancaire Privee (UBP), a Switzerland-based 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. While at UBP, he oversaw investment teams based in Geneva, Zurich, London, New York, Hong Kong, and Tokyo. Prior to UBP, he was with J.P. Morgan in New York.

Khan holds a Bachelor of Business Administration degree from Florida International University and received a master’s in accounting from Nova Southeastern University. He is also a CFA charterholder and a CPA.