Girard Miller, a public-pension and finance consultant at PFM Group, has been named chief investment officer of the $9.2 billion Orange County Employees Retirement System, the California pension plan said in a statement.
“His investment experience and thorough understanding of public pension plans and retirement related issues will be of tremendous value,” said Steve Delaney, chief executive officer of the fund, known as OCERS.
Orange County suffered the biggest municipal bankruptcy in U.S. history in 1994 after a wrong-way bet on interest rates. Philadelphia-based PFM Group is the parent of Public Financial Management, the largest investment adviser in the U.S. municipal bond market.
Miller was previously president of Janus Mutual Funds and chief operating officer of Janus Capital Group Inc., the Denver-based mutual-fund company. He was chief executive officer of the ICMA Retirement Corp., a pension-plan administrator based in Washington.
Public Financial Management was ranked first in proceeds and number of deals among U.S. municipal advisers in 2011 by Thomson Reuters. The unit advised on 757 transactions involving $39.6 billion last year, according to Thomson Reuters.