In a move aiming to bolster the performance of North Carolina's pension fund, State Treasurer Brad Briner has appointed four new members to the state Investment Advisory Committee (IAC). Briner's selection includes an array of finance professionals with varied backgrounds in investment management and advisory roles, according to the Treasurer's Office.
The appointees are Robert Durden, CEO/CIO at the University of Virginia; Michael Kennedy, former Senior Client Partner with Korn Ferry; Jamey Spencer, Managing Director and shareholder at Pathstone; and Dan Ward, CIO at Greenhawk Family Office. In a statement released by the Treasurer's Office, Briner emphasized the team's role, "North Carolina's state employees, retirees, and taxpayers deserve to know that their pension fund is safe, and performing at a level that will help them have a happy retirement." He also noted the pension's past performance, which lagged behind the national average by almost 1.4% annually over the last decade.
The IAC, a six-member advisory body chaired by the state treasurer, plays a significant role in the oversight of North Carolina's investment strategies. Members are tasked with the evaluation of governance, operations, investment practices, adjustments to strategic asset allocation, and reviewing the performance and cost reports. While two members are chosen from the retirement systems administered under the Retirement Systems Division, Durden, Kennedy, Spencer and Ward represent the general public sector appointments.
Each new appointee comes with a noteworthy financial background. Durden is responsible for the University of Virginia Investment Management Company's long-term pool, and holds degrees from Princeton and the University of Chicago’s Booth School of Business. Kennedy, with a Harvard MBA, has extensive experience with pension funds and currently sits on the Board of the UNC Management Company. Spencer, from Pathstone, engages in investment strategy development and portfolio management, he's also a Harvard Business School alumnus. Lastly, Ward directs investment strategy at Greenhawk Family Office, after having honed his skills with the Virginia Tech Foundation, and has credentials from the University of Michigan and the University of Florida’s Warrington College of Business.
This new team is expected to leverage their collective expertise to aim for enhanced performance of North Carolina’s pension fund. As the fiscal prudence of state-managed pension funds continues to be a critical concern for its beneficiaries, these appointments signal a commitment to fiscal responsibility and strategic growth necessary for the security and comfort of retirees.
