BOSTON – Today, Governor Charlie Baker named Mike Heffernan as his designee to the Pension Reserves Investment Management (PRIM) Board, the nine-member board that oversees the $60 billion pension fund. Heffernan was sworn in at the State House this morning. “Mike’s vast experience in financial and investment services make him a highly qualified pick for this important position,” said Governor Baker. “His commitment to public service, expertise and leadership will help maximize these important investments.”
Mike Heffernan has over 25 years of experience in financial services, capital markets and entrepreneurship. Heffernan spent nearly two decades in increasingly senior roles at Citigroup’s Markets & Banking division, where he oversaw Citi’s 7 U.S. Regional Distribution offices in institutional equities. He co-founded Mobiquity Inc. in 2011, a Massachusetts-based tech start-up in the mobile-IT professional services space that now employs over 300 people. Earlier in his career he was a managing director at Salomon Brothers and began his career at EF Hutton & Co. before returning to Massachusetts in 1990 to help build the Boston office of NatWest Markets. Heffernan was a candidate for Massachusetts Treasurer & Receiver General in 2014.
The PRIM Board is charged with the general supervision of the Pension Reserves Investment Trust (PRIT) Fund, created by legislation to accumulate assets through investment earnings and other revenue sources in order to assist the Commonwealth in reducing its unfunded pension liability, and likewise to assist local participating retirement systems in meeting their pension obligations. The PRIT Fund is a pooled investment fund that invests the assets of the Massachusetts Teachers’ and State Employees’ Retirement Systems, and the assets of county, authority, district and municipal retirement systems that choose to invest in the PRIT Fund. The nine-member PRIM Board acts as trustee for each retirement system that invests assets in the PRIT Fund.