The agency that administers the federal government’s 401(k)-style retirement savings program announced Friday that it has appointed an insider to be its new chief investment officer.
Sean McCaffrey has served as the Thrift Savings Plan’s deputy chief investment officer for nearly three years. He will succeed Ravindra Deo, who was the TSP’s CIO before being appointed executive director last August.
McCaffrey has extensive experience managing large investment portfolios, particularly funds designed for people on a fixed income. His financial management career began at Fidelity Investments’ defined contribution business and stable value fixed income group, and he spent 17 years at Deutsche Asset Management.
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Deo in a statement praised McCaffrey’s performance so far in handling TSP participants’ investments.
“As deputy CIO, Sean demonstrated excellent leadership and an ability to collaborate with people to get things done right and, most importantly, in the best interest of our participants and beneficiaries," Deo said. "I have full confidence he will continue to do so.”
In April 2017, then-TSP Executive Director Greg Long resigned after a decade at his post, in part to focus on finishing his MBA. The Federal Retirement Thrift Investment Board then undertook a national search for his successor, while Deo performed the job on an acting basis.
In August, the board voted unanimously to tap Deo to be executive director on a permanent basis.