UN's $61 Billion Pension Fund Gets New Chief After Shortfalls
- Sudhir Rajkumar will take over from Carolyn Boykin in 2018
- Fund has climbed 13.5% this year after years of missed targets
The emblem of the United Nations is seen during the UN General Assembly meeting in New York, U.S., on Wednesday, Sept. 20, 2017. Shinzo Abe, Japan's prime minister, stepped up his rhetoric against North Korea in a speech to the United Nations on Wednesday, saying Kim Jong Un was being allowed to get away with worse behavior than any dictator since the end of the Cold War.
Photographer: Caitlin Ochs/BloombergUN Secretary-General Antonio Guterres named Sudhir Rajkumar, a top official at the World Bank Treasury, to head the global body’s $61 billion pension fund in an attempt to reverse three years of below-target returns.
Rajkumar will replace Carolyn Boykin, the former chief investment officer of the Maryland State Retirement and Pension System, in January, United Nations spokesman Stephane Dujarric told reporters Thursday. In December, the UN General Assembly criticized the pension fund’s performance, singling out $3.4 billion in foreign-exchange costs, and for delays in making payments.