David Veal named CIO

September 13, 2021

New investment officer brings extensive public- and private-sector experience

The Employees Retirement System of Texas has named David T. Veal as its new chief investment officer. He replaces Tom Tull, who retired in August.

David VealVeal brings more than 20 years of investment experience in both the private and public sectors. He previously served as chief investment officer for the City of Austin Employees Retirement System and as director of strategic partnerships & research with the Teacher Retirement System of Texas. From 2009 to 2012, he was global strategist & portfolio manager for emerging markets for ERS.

“David’s impressive investment experience, coupled with his track record as an effective leader and skilled communicator, make him the perfect person to take the helm for the ERS investment team,” said Porter Wilson, ERS executive director. ERS selected Veal following a nationwide search assisted by Korn Ferry organizational consulting firm.

Before moving to Texas in 2009, Veal spent 10 years as an equity research analyst with Morgan Stanley in New York. He graduated from Auburn University with honors and earned a Masters of Business Administration with high distinction from the University of Michigan. Veal also served for six years as a U.S. Navy Officer, where he was twice decorated with the Navy Commendation Medal. Veal oversees a team of 78 who help manage the ERS Trust’s $34 billion investment portfolio.