By David G. Barry
The
Minnesota State Board of Investment (SBI) has selected a local allocator as
its new executive director and chief investment officer.
Jill Schurtz was tapped to replace Mansco Perry III, who announced
his intention late last year to retire in 2022. Schurtz has been CIO and
executive director of the St. Paul Teachers’ Retirement Fund Association since
2014. In that role, she was responsible for the fund’s $1.2 billion investment
program and the administration of $120 million of annual pension benefits.
SBI oversaw $124.7 billion in assets as of June 30, the majority of which – $81.3
billion – are the assets of both active and retired public employees in the
statewide retirement systems. These includes the Public Employees Retirement
Association, the Teachers Retirement System, and the Minnesota State Retirement
System.
Previously, Schurtz was CEO of Robeco-Sage, an asset management firm. A
graduate of the U.S. Military Academy, West Point, she served seven years in
the United States Army, attaining the rank of Captain. Following her military
service, she earned a law degree from Columbia Law School.
The SBI search committee was chaired by Gary Martin, CIO of Macalester College.
It included representatives of the state’s three largest pension funds, SBI
members and the board’s investment Advisory Committee. Korn Ferry oversaw the
search.
Perry, who will leave at the end of September, has led SBI since 2013. He previously
served as assistant executive director from 1990 to 2008 and then served as CIO
of the Maryland State Retirement & Pension System and Macalester College.
SBI joins a growing list of state public pension plans that have named new CIOs
in 2022. They include the Kentucky Public Pensions Authority (KPPA), the
California Public Employees Retirement System (CalPERS), the Washington State
Investment Board, the New Jersey Division of Investment, the State of Rhode
Island, the Virginia Retirement System (VRS), the Public Employees Retirement
Association of New Mexico (PERA), and Mississippi Public Employees’
Retirement System (PERS).
Schurtz’s appointment means that there are five other state public pension
funds actively seeking a new CIO: the Pennsylvania Public School Employees’
Retirement System, the Employees’ Retirement System of the State of Hawaii, the
Idaho Public Employee Retirement System, the New Hampshire Retirement System and
the Kansas Public Employees Retirement System.