A Carl will soon take the reins at Minnesota's State Board of Investment, the agency tasked with managing Minnesota's mammoth investment portfolio—a collection of trusts, pension funds and cash accounts amounting to about $68.6 billion as of June.
Mansco Perry III, 60, was chosen to be executive director by a unanimous vote after an extensive, nationwide headhunting effort, the Star Tribune reports. He will follow in the footsteps of Howard Bicker, who will soon retire after running the SBI for 32 years.
Perry is a native of Newark, NJ. He first came to Minnesota as an undergraduate. After graduating from Carleton he earned a master's degree in business from the University of Chicago and a law degree from William Mitchell College of Law in St. Paul.
He is a familiar candidate for those at SBI. He worked at the agency for 18 years, and once served as Bicker's deputy. More recently, he served as the chief investment officer at the Maryland State Retirement Agency from 2008 to 2010. Currently, he is employed at Macalester College, where he has managed the school's endowment.
As the executive director of SBI, he will take home $325,000 annually, more than Gov. Mark Dayton's state salary.