Kenneth Frier resigned as chief investment officer of the $56 billion UAW Retiree Medical Benefits Trust to “pursue another opportunity,” said Patricia McCarthy, spokeswoman for the Ann Arbor, Mich.-based fund.
Ms. McCarthy did not have further information on Mr. Frier's plans. Mr. Frier could not be reached for comment.Mr. Frier joined the benefits trust in August 2012. Prior to UAW, Mr. Frier was chief investment officer of the Stanford Management Co., Palo Alto, Calif., which oversees the investment management of Stanford University $18.7 billion endowment and other financial assets, from September 2010 to June 2011. Before Stanford, Mr. Frier spent 10 years at Hewlett-Packard Co., Palo Alto, including three as CIO overseeing its now more than $27 billion in retirement plan assets.
Avtar Vasu, senior managing director, has been appointed interim chief investment officer, Ms. McCarthy said.
Ms. McCarthy said a national search will be conducted for a permanent chief investment officer.
