US - The $40bn Alaska Permanent Fund Corp., the sovereign wealth fund known for being among the first institutional investors in the US to use a risk-based asset allocation approach, has hired Jay Willoughby as its new chief investment officer.
He will join on 1 November. He was most recently co-managing partner at Ironbound Capital Management, a New Jersey-based hedge fund. Before that, he was CIO for a high net worth programme at Merrill Lynch.
"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," said chief executive Michael Burns. "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."
Alaska Permanent Fund adopted its risk-based approach in 2009.
It allocates 55% to company exposure, 19% to real assets, 18% to special opportunities, 6% to interest rates and 2% to cash.
In August it reported returns of 20.6% in the year ended 30 June.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers