Chief investment officer of the $150 billion Minnesota State Board of Investment will gain authority to hire and fire managers without board approval in a governance overhaul approved this week that will sharply fast-track decision-making. The change follows an 18-month asset allocation study which has resulted in some portfolio finetunes.
A strategic and long-term focus sees the Minnesota State Board of Investment CIO, Mansco Perry, adopt a patient and encouraging approach when it comes to climate change and diversity. The $104 billion fund is also looking to expand its allocation to private markets, and double its internal team.
A disillusionment with active has led Minnesota to double its passive allocation in public equities, a strategy that sits alongside a commitment to long-term investing in private markets.
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