A shepherd of North Dakota's growing oil tax savings is resigning for a job in Alabama.
The state Retirement & Investment Office on Wednesday announced the resignation of Executive Director and Chief Investment Officer Dave Hunter, effective June 22. He is moving with his family to Mobile, Alabama, to join a private investment firm in July.
Hunter joined the state office in December 2013. The agency serves the State Investment Board, which guides $18 billion of investments, including the $8.4 billion Legacy Fund that voters created in 2010. The board is launching its in-state investment program for the fund, which has generated more than $761 million in earnings the last two years.
In Hunter's tenure, board clients' investments went from $8 billion in 2013 to more than $19 billion in 2021.
“Since joining RIO, I have been honored to work alongside an exceptional team of investment and retirement benefit professionals during a period of impressive growth," Hunter said in a statement. "This is a direct result of the hard work, skill, and dedication of every single one of our RIO team members and the strong oversight, guidance, and support of our SIB and (Teachers' Fund for Retirement) boards.”
The 12-member State Investment Board, which the lieutenant governor leads, will discuss a timeline in June for naming Hunter's successor.
Office Deputy Executive Director Janilyn Murtha will serve as interim executive director. Office Deputy Chief Investment Officer Darren Schulz will serve as interim chief investment officer.
The 2021 Legislature set a $6.4 million two-year budget for the office that's approved for 19 full-time employees.
Reach Jack Dura at 701-223-8482 or email@example.com.