John Skjervem was named director of the investment division of the Oregon State Treasury. He will begin his duties Nov. 1, said spokesman James Sinks.
Mr. Skjervem replaces Ronald D. Schmitz, who left in November 2011 to join the $51 billion Virginia Retirement System, Richmond.
Michael Mueller, deputy chief investment officer, had been acting investment chief.
In his new position, Mr. Skjervem will act as CIO for a portfolio that includes the $58 billion Oregon Public Employees Retirement Fund, Salem.
Mr. Skjervem is the western regional CIO for Northern Trust Corp., leading the regional investment management practice for Northern Trust's Personal Financial Services division.