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Published Tue, Feb 21, 2012 04:35 AM
Modified Tue, Feb 21, 2012 04:32 AM

N.C. pension fund loses another CIO

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BY DAVID BRACKEN - STAFF WRITER

North Carolina's chief investment officer Shawn Wischmeier is stepping down to take a similar position with a nonprofit organization in Minnesota.

The Department of the State Treasury announced his resignation Friday after the markets closed.

Wischmeier is heading to the Margaret A. Cargill Philanthropies, where he will oversee about $6 billion in assets. The nonprofit is an umbrella organization that includes three grant-making charities founded by Margaret Cargill.

The state pension fund, which gained slightly more than 2 percent in 2011, had $71.8 billion in assets at the end of December. State Treasurer Janet Cowell said Wischmeier helped lead the effort to diversify and maximize returns on the state pension fund.

"He has built an outstanding team of investment professionals and put the pension fund on the right track in terms of diversification, globalization, enhanced risk management, and efficiency of operations," Cowell said in a statement.

Wischmeier was the state's CIO for less than two years and made $320,000 a year plus bonuses. He replaced Patricia Gerrick who was fired amid questions about her expenses.

Bryan Lewis, the chief administrative officer for the Investment Management Division, will serve as interim CIO while a national search is conducted.

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