OAK BROOK, IL. — IMRF announced today that Chief Investment Officer Dhvani Shah, CFA, is resigning from her position effective December 28, 2020. Shah is leaving IMRF to join Florida-based JM Family Enterprises as their Chief Investment Officer.
The IMRF Board of Trustees will discuss a timeline for identifying Shah’s successor at its next full Board meeting on December 18. IMRF Executive Director Brian Collins will serve as interim Chief Investment Officer until the position is filled.
Shah joined IMRF – the best-funded statewide public pension in Illinois – in December 2011. During her tenure, the IMRF investment portfolio grew from $24.8 billion on December 31, 2011, to $48.3 billion on November 30, 2020. In addition, IMRF’s funded status increased from 83% in December 2011 to 91% in December 2019. During this time period, Shah significantly diversified the $48.3 billion IMRF portfolio through numerous strategies, including the adoption of new international real estate investments, the launch of a directly funded private equity program, and the initiation and implementation of internally managed U.S. Equity portfolios.
Collins thanked Shah for her service on behalf of IMRF’s more than 440,000 members and more than 3,000 participating units of local government.
"For the last nine years, Dhvani managed the portfolio through some of the most turbulent markets in memory, and under her leadership, the fund doubled in size," Collins said. "She will be greatly missed, and we sincerely wish her well in her future endeavors."
Shah said she was proud of her time at IMRF, and she thanked the many individuals who she worked with over the years, including members of the IMRF staff, numerous external investment managers and consultants, and the IMRF Board of Trustees.
"IMRF is a national leader in the public pension industry because of its deep commitment to excellence and continuous improvement," Shah said. "I’m proud of having been a part of this outstanding organization, and I look forward to watching its continued success in the future."
###
