By David G. Barry
The North Dakota State Department of Trust Lands is
gearing up to find the next head of its investment team.
The spot is now vacant after Michael Shackelford
became the chief investment officer of the $17 billion Public Employees
Retirement Association of New Mexico (PERA). Shackelford held the title of
director of investments for three years.
Joseph A. Heringer, the Trust Lands’ Commissioner, tells Markets Group
that the $7 billion sovereign wealth fund is into its due diligence process
regarding job description and salary range and hopes to post the position later
this month. The Trust Lands also has made the decision to retitle the position
to chief investment officer “as that is really what it is and I think there was
confusion about the exact role/responsibilities with the prior title of
investment director,” he said.
The Trust Lands has not named an interim CIO, but Heringer said he is taking a
“more active role” with the investment operation and is working closely with
the investment team and consultant RVK “to ensure continuity and effective
investment management.”
Heringer, an attorney, became commissioner in February. He previously had been
a senior wealth manager for Bravera Wealth.
The
Department of Trust Lands is governed by the Land Board and is responsible for
management and oversight of educational trust funds, mineral acres, and other
assets for the benefit of public schools and institutions in North Dakota.
The
department has approximately 30 full-time team members with a biennial
operating budget of $8 million. It administers approximately $7 billion of
financial asset investments, over 706,600 surface acres and over 2.5 million
mineral acres. The department also administers the North Dakota Unclaimed
Property statutes and operates the Energy Infrastructure and Impact Office.