Robert L. Borden, chief investment officer of the South Carolina Retirement System Investment Commission, resigned to join a private investment firm in North Carolina.
Mr. Borden, who joined the $26 billion Columbia-based system in 2006, resigned Dec. 2.
Deputy CIO Hershel Harper will serve as acting CIO for the $26 billion Columbia-based system until the board meets, Allen R. Gillespie, commission chairman, said in a telephone interview.
“At some point, we will do a search, but we won’t decide until we meet,” Mr. Gillespie said.
The board will meet in January, rather than waiting until the next regularly scheduled meeting on Feb. 12, and may even gather later this month to decide how to replace Mr. Borden, Mr. Gillespie said. Mr. Harper would “definitely” be considered for the job, he said.
Mr. Borden was the system’s first CIO and built up the system’s investment staff, Mr. Gillespie said. Prior to his arrival, oversight of the retirement system had been handled by the state treasurer’s office.
“South Carolina was fortunate to have Bob Borden, who took a system with a portfolio in the bottom decile (among state retirement plans) in performance to one of the national leaders,” Mr. Gillespie said.
Mr. Borden said in an interview that he resigned in order to pursue a “new opportunity” as managing partner and CIO of FTA Partners,. FTA specializes in investment outsourcing and manager selection services for endowments, foundations, family offices and high-net-worth investors.
Norman LeBlanc, COO of FTA Partners, confirmed Mr. Borden’s new role at the firm.
However, Mr. Borden said he will remain at the South Carolina system until February 2012 and will help with the transition to his successor if needed.
Christine Williamson contributed to this story.