For immediate release:
November 21, 2025

Contact: Benjamin Robb
brobb@sra.state.md.us

BALTIMORE, MD – The Board of Trustees of the Maryland State Retirement and Pension System (SRPS) is pleased to announce the appointment of Dianne Sandoval as the new Chief Investment Officer (CIO). Ms. Sandoval brings a wealth of experience and a proven track record of success in investment strategy and management and will begin her tenure in January 2026.  

In her new role, Ms. Sandoval will be responsible for oversight of all SRPS investments, leading the investment team, developing and implementing investment strategies, and ensuring the long-term financial health of Maryland’s pension system. She will work closely with the Board of Trustees and the Executive Director to achieve the System’s investment objectives.

“We are thrilled to welcome someone with such vast experience as Dianne Sandoval to our team,” said Treasurer Dereck Davis, Board Chair of SRPS. “Her extensive expertise and visionary leadership will be invaluable as we continue to improve services for our members and provide strategic direction across the entire investment portfolio.”

Comptroller Brooke Lierman, SRPS Vice-Chair, added, “Maryland’s pension fund safeguards the retirements of more than 400,000 state employees, educators, judges, state police, firefighters and more. The Board recognized Dianne’s enthusiasm for and understanding of the unique responsibility of the CIO of a public pension fund. I look forward to working with her to grow our fund and ensure the security of our dedicated public employees.”

Ms. Sandoval has more than 30 years of investment management experience, having held various leadership positions in both the public and private sectors. She is a trusted leader in investment management, known for her ability to deliver innovative investment strategies, establish effective risk budgets, and leverage technology to enhance investment management systems. She currently serves as the head of portfolio design for HESTA, an Australian superannuation fund, which manages over $100 billion in assets for more than one million members in the health and community services sectors. During her career, Ms. Sandoval also led the strategic and dynamic asset allocation processes at a large sovereign wealth fund and she spent more than 12 years in a range of senior positions across asset allocation and strategy, private equity, and high yield/investment grade credit at CalPERS.

Commenting on her appointment, Ms. Sandoval expressed her enthusiasm in joining SRPS and contributing to its continued success: “I am honored to join the Maryland State Retirement and Pension System as its next Chief Investment Officer. I am deeply committed to leveraging my global experience and expertise to drive innovative, resilient investment strategies that deliver exceptional outcomes for its members. Maryland’s public servants—its teachers, first responders, state workers, and local heroes who keep this state running—deserve to know that their years of service will be met with a retirement future they can trust.  My goal is to dedicate my experience, my passion, and my voice to ensure that promise is fulfilled.”

Ms. Sandoval holds a Bachelor of Science degree from University of California at Berkeley and a Master of Business Administration from the University of Navarra in Barcelona, Spain. She holds the designations of Chartered Financial Analyst from the CFA Institute and Fellow of the Aspen Finance Leaders Fellowship, and is a member of the Aspen Global Leadership Network. Ms. Sandoval was born in Chicago and looks forward to moving to Maryland.

The Maryland State Retirement Agency is charged with properly administering the retirement and pension allowances of more than 175,000 retirees and beneficiaries as well as the future benefits for more than 250,000 active and former members. These groups include state government employees, teachers, law enforcement personnel, legislators, judges, and local government employees and fire fighters whose employers have elected to participate in the system.  

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