Jay Willoughby was named chief investment officer of the $38 billion Alaska Permanent Fund Corp., Juneau, effective Nov. 1.
He succeeds Jeffrey Scott, who left the sovereign wealth fund in August to become CIO of Wurts & Associates.
Mr. Willoughby was a co-managing partner at hedge fund Ironbound Capital Management, according to an APFC news release. Previously, he was head of research for equity funds at Merrill Lynch and also served as CIO of the program for high-net-worth investors.
“Jay comes to us with experience managing funds of different sizes with different goals and risk parameters, as well as experience working directly with equities and real estate,” Michael Burns, the fund’s executive director, said in the news release. “Like many of our peers around the world, he is interested in the risk-based asset allocation we have created and looks forward to having it as part of his tool kit for managing the fund’s investments.”
APFC spokeswoman Laura Achee could not be reached for comment.