Russell Read, chief investment officer of the $65 billion Alaska Permanent Fund Corp., has resigned.
Read had been with the fund since 2016, and is leaving for a job in London. Details of the new role were not disclosed, but Read said in a statement it matches his “global markets leadership skills with my years of CIO expertise.” Marcus Frampton, head of the fund’s real assets and absolute return division, will take over as acting CIO in the interim. He has been with the fund since 2012.
Read recently launched a $1 billion private equity seeding platform with the UK Railways Pension Scheme and asset manager Wafra Group.
Angela Rodell, the fund’s CEO, thanked Read for his service. She said the former CIO brought his knowledge, experiences, passion, and creativity to the fund. Rodell and the board will oversee the search for a new CIO.
Board of Trustees chairman Bill Moran lauded Read’s work with the Alaska firm, highlighting his dedication to building corporation’s long-term investment strategies and governance.
The Alaska Permanent Fund Corp. is a sovereign wealth fund that manages the assets of the Alaska Permanent Fund, which benefits all Alaskans. It is the largest state-level fund of its kind in the US.
Read could not be reached for comment.