The Police and Fire Retirement System of the City of Detroit has hired Lorenzo Newsome Jr. as pension investment officer, managing investments of the $2.7 billion fund.
Newsome was a finalist for the position after an extensive year-long national search was conducted by the PFRS Board and its Investment Committee. Newsome replaces Woodrow Tyler, who is retiring after having served in the role since the passing of his predecessor Ryan Bigelow.
Tyler will serve as a transition advisor to the board through the end of 2024.
“We are very pleased to have Mr. Newsome join the team to lead, advise and manage our extensive portfolio to ensure payments to our first responder beneficiaries,” says Jeffrey Pegg, chairman. “Mr. Newsome has a very impressive background and history of investment success and we are pleased to welcome him to Detroit.”
Newsome will relocate to Detroit from Chapel Hill, N.C. where he had served as managing director for Nuveen. Newsome has served in the institutional investment management business in various leadership capacities in a 30-year career working for major private and public investment organizations in Texas, Virginia, and Washington, D.C. He holds a Master of Business Administration from Bowie State University and a Bachelor of Science degree in finance from the University of Pittsburgh.
“I am delighted to join the PFRS. It is an honor to serve those who serve others. It is a privilege to contribute to ensuring that our dedicated first responders can retire with the dignity they deserve,” says Newsome.
Professional certifications and licenses held by Newsome include Chartered Financial Analyst, Financial Risk Manager, and Professional Risk Manager certifications. He is a member of the Global Association of Risk Professionals, Professional Risk Managers’ International Association and National Association of Securities Professionals.
His personal community commitment activities include serving as an assistant scout master, Boy Scouts of America in Durham, youth basketball and little league coach, and Athletic Hall of Fame for Basketball at the University of Pittsburgh.
