Andrew Palmer

Maryland State Retirement System

The Maryland State Retirement and Pension System developed its emerging manager program in 2007. The following year, the System enhanced and rebranded the program, Terra Maria. The program was implemented with a focus on investment performance. It is one of the largest commitments to diverse managers among the nation’s largest pension plans. To date, the System has committed $1.63 billion to developing private equity managers that are minority- and women-owned. At the end of fiscal year 2023, $8.5 billion, or 13.1 percent of the System’s total assets, were managed by minority- and women-owned firms. The fund partners with Attucks Asset Management, Xponance and Hamilton Lane to execute the program’s investments. The system and its staff have received several honors for their commitment and pioneering work with diverse managers. Andrew Palmer is the Chief Investment Officer for the Maryland State Retirement and Pension System. In this role, he is responsible for the day-to-day operations of the system’s investment division and has overall responsibility for the system’s investment program. Previously he was the Deputy Chief Investment Officer, Director of Fixed Income for the Tennessee Consolidated Retirement System. In addition to his role as Director of Fixed Income, he led the construction of a Strategic Lending Portfolio, was a member of the Private Equity and Real Estate Committees and shared in the responsibility for tactical asset allocation and new product development. He began his career at ASB Capital Management, a Bethesda, Maryland based institutional advisory firm.