Key Takeaways
- • Cheryl Alston, former Executive Director and Chief Investment Officer of the Dallas Employees' Retirement Fund (ERF), spent 20 years at the fund, managing a $4.0 billion investment program and leading pension administration for 15,000 members.
- • Institutional Investor named Alston among three Visionary leaders of the public funds space this year, in an interview conducted by David Braham, Senior Executive Director, Thought Leadership & Market Intelligence.
- • Alston recommends public pensions adopt corporate-style board skills matrices and periodic compensation studies to set staff pay.
- • Alston points to Canadian pension funds as best-in-class for their experimental, ecosystem-based approach to investing, and credits private equity with delivering on its promise.
- • Alston currently serves as an independent director of Globe Life Inc. (NYSE: GL), and on the boards of Blue Cross Blue Shield of Kansas City and the Janus Henderson mutual fund board.
Summary
Institutional Investor has named Cheryl Alston, former Executive Director and Chief Investment Officer of the Dallas Employees' Retirement Fund, among three Visionary leaders of the public funds space this year. In an interview with David Braham, Senior Executive Director, Thought Leadership & Market Intelligence, Alston reflected on two decades at the fund. During her tenure she managed a $4.0 billion investment program covering asset allocation and manager selection, and led the pension administration process for 15,000 members. The fund's mission was to provide secure retirement for civilian employees of the City of Dallas.
Alston said the most meaningful part of her tenure was the appreciation expressed by members, who continued to thank her after she left the role. She noted that although federal political leadership has shifted in the last year, the City of Dallas leadership did not change, and the fund maintains strong relationships at the local and state level that help it achieve its goals.
On governance, Alston recommended that public pension boards adopt a skills matrix, a practice common among corporate boards, to ensure a mix of expertise that supports robust discussion and faster decisions. She also advocated periodic compensation studies to determine staff pay. Asked about best-in-class investment offices, she cited several Canadian pension funds for experimenting thoughtfully, funding new companies, and investing across sectors. On private equity, she said the asset class has delivered on its promise by funding companies that transformed the economy.
Alston's advice to her successor, who was her deputy CIO, was to focus on the long term, quality investments and quality people. To managers, she advised staying true to their philosophy and process and investing in their people.
Alston's background includes an M.B.A. in Finance from NYU's Leonard N. Stern School of Business, a B.S. in Economics from the University of Pennsylvania, executive roles at CIGNA Retirement & Investment Services, and a Corporate Banking Officer role at Chase Global Services. She received a Presidential appointment to the Pension Benefit Guaranty Corporation Advisory Committee for two terms from 2011 to 2016, and served as an independent director of the Federal Home Loan Bank of Dallas from 2016 to 2021. She also sits on nonprofit boards including CHRISTUS Health and The Arts Community Alliance.
Alston said the most meaningful part of her tenure was the appreciation expressed by members, who continued to thank her after she left the role. She noted that although federal political leadership has shifted in the last year, the City of Dallas leadership did not change, and the fund maintains strong relationships at the local and state level that help it achieve its goals.
On governance, Alston recommended that public pension boards adopt a skills matrix, a practice common among corporate boards, to ensure a mix of expertise that supports robust discussion and faster decisions. She also advocated periodic compensation studies to determine staff pay. Asked about best-in-class investment offices, she cited several Canadian pension funds for experimenting thoughtfully, funding new companies, and investing across sectors. On private equity, she said the asset class has delivered on its promise by funding companies that transformed the economy.
Alston's advice to her successor, who was her deputy CIO, was to focus on the long term, quality investments and quality people. To managers, she advised staying true to their philosophy and process and investing in their people.
Alston's background includes an M.B.A. in Finance from NYU's Leonard N. Stern School of Business, a B.S. in Economics from the University of Pennsylvania, executive roles at CIGNA Retirement & Investment Services, and a Corporate Banking Officer role at Chase Global Services. She received a Presidential appointment to the Pension Benefit Guaranty Corporation Advisory Committee for two terms from 2011 to 2016, and served as an independent director of the Federal Home Loan Bank of Dallas from 2016 to 2021. She also sits on nonprofit boards including CHRISTUS Health and The Arts Community Alliance.
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