Ex-CalPERS CIO to Lead Alaska Permanent

Russell Read has been named CIO, replacing Jay Willoughby.

Russell ReadRussell Read, incoming CIO, Alaska Permanent FundAlaska’s sovereign wealth fund today named Russell Read as its new CIO. 

Read spent two years as CIO of the California Public Employees’ Retirement System, from 2006 to 2008.  

Following that, Read led the Gulf Investment Corporation in Kuwait as CIO and deputy chief executive. He also served as deputy CIO of Deutsche Asset Management, and founded his own private equity firm. 

He replaces Jay Willoughby at the Juneau, Alaska-based sovereign fund. Willoughby departed late last fall for the CIO position at outsourced-CIO provider The Investment Fund for Foundations. 

Former Alaska Permanent Fund CEO Mike Burns had retired four months earlier, later replaced by Angela Rodell. 

Last month, the asset owner filled another top job, hiring New Jersey’s one-time pension CIO as a part-time paid advisor. Read’s appointment leaves one senior opening at Alaska Permanent—senior portfolio manager for private markets—down from at least four late last fall. 

Read’s first day of work at the Alaska Permanent is May 9, according to the organization. His starting salary is $400,000.

Related: Alaska Permanent Drives to Rebuild Leadership TeamAlaska’s Willoughby Scores TIFF CIO Role