(September 21, 2012) — The state of Oregon has announced the appointment of a new investment director exactly one year after the departure of the incumbent.
Oregon’s Treasury named John Skjervem as the CIO for the state’s main pension funds, which collectively manage $74 billion. He replaces Ronald Schmitz, who announced last September that he would join the $53 billion Virginia Retirement System.
Skjervem, who joins from asset manager and custodian Northern Trust, will begin his new role on November 1. He will have responsibility for the main $58 billion Oregon Public Employees’ Retirement Fund.
State Treasurer Ted Wheeler, said: “Oregon has a well-earned reputation as a leader among institutional investors, and we believe John has the business acumen and management savvy to keep us on the right path. He will play an instrumental role in helping us become even more accountable to the public we serve.”
Skjervem joined Northern Trust in 1991 and held various roles in its asset management and personal finance divisions. Most recently he was CIO for the personal financial services and directed the investment management activities of more than 200 portfolio managers across the United States. He was also chairman of Northern Trust’s investment advisory committee.