(August 5, 2013) – Howard Bicker is stepping down after 32 years as the executive director of Minnesota’s State Board of Investments, according to the Associated Press (AP).
A nationwide search is on to find a successor for Howard Bicker. The state has signed on a headhunting firm for $120,000—equal to a year of the governor’s salary—to find a replacement.
The state’s portfolio has climbed from just under $6 billion to $65 billion over the course of Bicker’s tenure, according to annual reports. The fund has averaged a 10% annual return since 1980.
Bicker joined the state investment team in 1971 after receiving his bachelor’s degree in accounting from University of Wisconsin.
When Bicker joined the agency, the portfolio was largely invested in common stocks and bonds that were managed in-house. He oversaw the transition into more real estate, private equity, and hedge fund investments.
“I still remember the first day I came in here and saw a guy buy a million dollars’ worth of stock, and I thought, ‘My God,'” Bicker told the AP. “Now, a million dollars is a rounding error for us.”
Governor Mark Dayton was quoted as saying that he thinks it will be tough to find someone with Bicker’s skills and expertise in return for a state salary.
Bicker was out of the office and unavailable to confirm the move by press time.