Jill E. Schurtz was named executive director and chief investment officer of the $124.7 billion Minnesota State Board of Investment, St. Paul, during a board meeting Wednesday.
Ms. Schurtz is the CIO and executive director of the $1.2 billion St. Paul Teachers' Retirement Fund Association.
She replaces Mansco Perry III, who will retire on Oct. 11.
Ms. Schurtz said in an email that she will assume her new role on Oct. 1. She said that F. Michael McCollor, president of the board of the St. Paul Teachers' fund, will take over as interim executive director after she departs.
The SBI's board launched a search in May to replace Mr. Perry, who announced that he would retire this year.
Korn Ferry International conducted the recruitment search.
Mr. Perry completed two tours of duty at the state board, having notched up 27 years in total.
He served as assistant executive director and deputy CIO for 18 years ending in 2008, and returned in 2013 in his current roles.
Of the SBI's total assets as of June 30, $81.3 billion was in the state's combined defined benefit plans; $8.9 billion was in state defined contribution plans; and the balance was managed in other state funds.
