Officials at the State of Wisconsin Investment Board, Madison, are searching for a chief investment officer and might put an end to the $78 billion fund's college of CIOs, each overseeing one area of investment.
Jean C. Ledford, CIO-public equities, and Robert Severance, CIO-private markets, are the two remaining CIOs, following the retirement of Jon Traver, CIO-fixed income, a year ago. SWIB has no overall CIO.
J. Alain Hung, named to replace Mr. Traver in February, was given the title head of fixed income, although he has the same duties as his CIO predecessor, said Vicki Hearing, public information officer.
"We're looking at rethinking the titles of the other two positions, but their duties would remain the same," she said. The board believes the fund will be better served by a single CIO overseeing all of the assets and the professional staff of 50 people, she added.
"We are growing larger and have added responsibilities of additional portfolios, and we have a mix of internal and external managers," she said. Some 30% of the fund's assets are actively managed in-house.
SWIB hired EFL Associates, Greenwood Village, Colo., to recruit candidates for the new CIO position.