Cargill philanthropies chooses risk management/asset allocation director

Michael Ruetz will join the Margaret A. Cargill Philanthropies, Eden Prairie, Minn., in December as director of risk management and asset allocation, confirmed Sallie Gaines, spokeswoman.

The position is new. He will focus on building and managing investment risk management functions and oversee the asset allocation of the investment portfolios of Cargill’s three grant-making entities: Margaret A. Cargill Foundation, Anne Ray Charitable Trust and Akaloa Resource Foundation, which have a combined $6 billion.

Mr. Ruetz is director of risk management and asset allocation for the $74.5 billion North Carolina Retirement Systems, Raleigh.

Julia Vail, spokeswoman for North Carolina State Treasurer Janet Cowell, the retirement systems’ sole trustee, wrote in an e-mail that a search for a replacement will be done once Mr. Ruetz has left his current post.

In February, North Carolina’s then-chief investment officer, Shawn Wischmeier, announced he would resign to become CIO for the Margaret A. Cargill Philanthropies. Brian Lewis, chief administrative officer of the investment management division, has been handling the CIO responsibilities since Mr. Wischmeier left.