AARP Financial's infant fund family has a new chief investment officer to oversee investment strategy, portfolio management and performance analysis.

Richard "Mac" Hisey has also been named treasurer of the AARP Funds, rolled out in April. The positions are new.

The American Association of Retired Persons established the AARP Financial subsidiary in 2005, for the purpose of developing financial products for the association's members.

Most recently, Hisey was executive vice president and CIO of Cole Management, Inc., a Boston-based venture capital firm. He previously served as senior vice president at MFS Investment Management, and as treasurer for the MFS Group of funds. Before 2002, he was senior vice president for global fund accounting and administration at Bank of New York. Earlier, he spent 15 years at Lexington Global Asset Managers, where he created and managed the U.S.'s first open-ended Russian equity mutual fund.

In a statement, Hisey spoke of his enthusiasm for AARP Financial's mission, citing "a great need for a high-quality, low-cost, simple investment program like the AARP Funds."  

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