New Mexico Highlands University Alum Varela Recognized | Santa Fe New Mexican

Kristin Varela, currently the Chief Investment Officer of the Employees’ Retirement System of the state of Hawaii, has been appointed as the new Chief Investment Officer of the New Mexico State Investment Council, the council announced Tuesday.

Varela’s appointment marks the first time a woman has held the position in New Mexico, a fact highlighted by State Treasurer Laura Montoya, a member of the State Investment Council. “As a Latina who never sees people like me in the room hardly ever, except in New Mexico, this is a big deal for me to observe a representation and reflection of somebody from my own home state,” Montoya said, according to the Santa Fe New Mexican.

Varela succeeds Robert “Vince” Smith, who stepped down in September to focus on his health after a cancer diagnosis. She is scheduled to begin her new role in June and will receive an annual salary of $455,000, consistent with her predecessor’s compensation.

During her tenure at the Hawaii ERS, Varela oversaw the growth of the portfolio from $22 million to $26 billion, consistently meeting established benchmarks. Prior to her role in Hawaii, Varela served for 8½ years at the Public Employees Retirement Association of New Mexico, holding positions as deputy chief investment officer and interim investment officer.

Varela earned a Bachelor of Business Administration in finance from New Mexico Highlands University in Las Vegas, New Mexico. She was selected from hundreds of applicants, narrowing down to two finalists, according to State Investment Officer Jon Clark.

Gilbert C. Varela, her father, was a lifetime resident of Las Vegas, New Mexico, and a veteran of the United States Marines. He graduated from West Las Vegas High School and as well attended New Mexico Highlands University.