Interim New Mexico state investment officer named

New Mexico Gov. Bill Richardson has selected Bob Jacksha to serve as interim state investment officer while the administration searches for a permanent appointee.

Jacksha is the chief investment officer for the Educational Retirement Board, which administers a pension fund for educators. He previously worked at the state investment office.

He replaces Gary Bland, who resigned last week under pressure from several members of the State Investment Council.

One of those members, Land Commissioner Pat Lyons, has said the move to oust Bland was because of allegations that Bland pressured investment firms to hire third-party placement agents.

The U.S. Attorney's office and the Securities and Exchange Commission are investigating governmental investment deals in New Mexico. Federal agents have interviewed staff at the investment office and the pension fund, and a grand jury has subpoenaed documents related to placement agent fees on New Mexico investments.

Jacksha, before joining the pension agency in January 2007, worked with Bland and served as deputy state investment officer.

Jacksha assumed his new post Tuesday and attended a meeting of the Investment Council.

Richardson announced that Doug Brown, a longtime banker, will lead a search committee for a new investment officer. Brown is dean of the University of New Mexico's business school. He served as interim state treasurer in 2005-06, after treasurer Robert Vigil resigned because of federal criminal charges and impeachment proceedings in the Legislature.

Bland was among dozens of defendants in a whistleblower lawsuit brought by the educational pension fund's former chief investment officer, Frank Foy. The lawsuit alleges that investment decisions were improperly influenced by political considerations in Richardson's administration. Bland has denied any wrongdoing.

Brown, who served on the pension agency's governing board when he was state treasurer, and Jacksha are mentioned in the lawsuit.

The lawsuit alleges there was a plan to replace Foy with Jacksha because Foy objected to some investments supported by Richardson appointees on the pension fund's governing board, including Brown.

Investments by the council and the pension agency generated millions of dollars in fees for third-party placement agents, including Marc Correra, a Santa Fe broker whose father is a close friend of Bland and a Richardson political supporter. A lawyer for Correra has said his client committed no wrongdoing.