For immediate release:
June 18, 2025  

Contact: Katherine Morris
kmorris@sra.state.md.us

BALTIMORE, MD — The Maryland State Retirement and Pension System (SRPS) Board of Trustees yesterday announced a key leadership appointment, naming Robert “Bob” Burd as Acting Chief Investment Officer, effective July 1, 2025. The appointment was made during a meeting of the Board of Trustees held on June 17.

Burd currently serves as the System’s Deputy Chief investment Officer for SRPS, a role he has held since 2011. In this position, he has played a key role in shaping asset allocation strategy, managing investment risk and overseeing manager selection across the $70 billion portfolio.

Burd will assume the interim role following the retirement of Andrew Palmer, who has served as Chief Investment Officer since 2015 and will step down on June 30, 2025. Notably, Burd also served as Acting CIO prior to Palmer’s appointment and successfully led the investment division through that earlier leadership transition.

Under Palmer’s tenure, the system achieved consistent outperformance, expanded internal asset management capabilities, and implemented strategic reforms across public and private markets. Burd has been instrumental in advancing these efforts and will provide continuity and stability during the leadership transition.

“Bob brings a deep understanding of our portfolio and a steady, principled approach to leadership,” said Executive Director Martin Noven. “He has earned the trust of the Board and I’m confident in his ability to lead the division with focus and integrity during this transitional period.”

The Board’s decision ensures uninterrupted leadership while preserving the flexibility to evolve the System’s investment strategy over time.

“Bob has worked side-by-side with our team to deliver long-term value for our members,” said State Treasurer Dereck E. Davis, Chair of the SRPS Board of Trustees. “We are fully confident in his ability to guide Maryland’s investment program during this interim period.”

As Chair of the Board’s Investment Committee, Comptroller Brooke E. Lierman also expressed confidence in Burd’s appointment. “The Board’s decision to appoint Robert Burd as Acting CIO ensures the system continues to benefit from a steady hand and deep institutional knowledge. His leadership during this time of transition will be invaluable as we chart the next chapter for the system’s investment strategy.”

The Maryland State Retirement Agency is charged with the fiduciary responsibility for properly administering the retirement and pension allowances of nearly 168,000 retirees and beneficiaries, as well as the future benefits for more than 245,000 active and former members. These groups include state government employees, teachers, law enforcement personnel, legislators, judges and local government employees and firefighters whose employers have elected to participate in the system.

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