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State Investment Board News |
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Legacy Fund's in-state investment program expanded
The SIB has expanded the Legacy Fund’s in-state investment program by adding GCM Grosvenor, a global alternative asset management solutions provider, to manage real assets investments and increasing its commitment to 50 South Capital, the manager of the program’s private equity and venture capital investments. The goal of the program is to invest a portion of the Legacy Fund within North Dakota in opportunities that generate competitive returns. READ MORE
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Smith appointed permanent RIO executive director
The SIB appointed Jodi A. Smith as RIO's permanent executive director during a June meeting. As executive director, Smith is responsible for overseeing agency operations, including the coordination of all SIB activities and the administration of the Teachers’ Fund for Retirement. READ MORE
Armstrong elected SIB chair
Gov. Kelly Armstrong was elected SIB chair at a special meeting in January, reaffirming the Board’s commitment to strong leadership. By state statute, the governor is a member of the SIB. Historically, this role has often been delegated to the lieutenant governor. Armstrong’s decision to serve on the board marks a renewed focus on strategic leadership directly from the Governor's Office. READ MORE
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 NDRIO's Investment Seminar returns on Oct. 23, 2025
Save the date for RIO's Investment Seminar. Hosted by the agency on behalf of the SIB, the 2025 seminar will be held on Oct. 23 at Gateway to Science in Bismarck, ND.
The seminar will explore how RIO invests with intent to strengthen the state’s financial foundation, sustain long-term prosperity through the Legacy Fund and North Dakota’s in-state investment program, and serve citizens by implementing responsible investment strategies.
From market trends and economic forecasts to local investment opportunities and legislative developments, the seminar will offer insights into how North Dakota’s investment programs are positioned to navigate today’s challenges and secure tomorrow’s opportunities.
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RIO's FY2024 Annual Comprehensive Financial Report is a complete review of the financial, investment, and actuarial conditions of the agency's programs.
NEPC selected to enhance portfolio strategy
In December, the SIB selected NEPC LLC as its asset allocation advisor to provide a disciplined, data-driven investment strategy informed by market trends and long-term financial principles. READ MORE
FY2024 financial audit report released
RIO's FY2024 financial audit contains an unmodified and clean opinion. This independent evaluation of our financial statements, operations, and internal controls helps to ensure transparency and accountability.
Weaver to provide investment compliance services
Weaver’s responsibilities include helping RIO implement new compliance policies, conduct testing and monitoring, and establishing controls to ensure the agency’s new internal investment program meets regulatory and legal requirements. READ MORE
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State Investment Board
Governor Kelly Armstrong, chair, ex officio
member
Dr. Rob Lech, vice chair, Teachers' Fund
for Retirement board appointee
State Treasurer Thomas Beadle, ex officio
member
Rep. Glenn Bosch, Legacy & Budget
Stabilization Fund board appointee
Gerald Buck, Public Employees Retirement
System board appointee
Commissioner Joseph Heringer, Dept. of
Trust Lands, ex officio member
Pete Jahner, governor appointee /
institutional investment professional
Sen. Jerry Klein, Legacy & Budget
Stabilization Fund board appointee
Cody Mickelson, Teachers' Fund for
Retirement board appointee
Adam Miller, Public Employees Retirement
System board appointee
Director Joe Morrissette, Office of Man-
agement & Budget, governor appointee
Dr. Prodosh Simlai, governor appointee /
institutional investment professional
Director Art Thompson, Workforce Safety &
Insurance, ex officio member
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Retirement & Investment Office
Jodi A. Smith, executive director
Scott M. Anderson, chief investment officer
Eric Chin, deputy chief investment officer
Chirag Gandhi, portfolio manager
George Moss, portfolio manager
Matt Posch, portfolio manager
Nitin Vaidya, chief risk officer
Lance Ziettlow, portfolio manager
Derek Dukart, senior analyst
Jac Collins, senior analyst
Cory Cox, investment analyst
Alex Weissman, investment analyst
Sarah Mudder, communications and
outreach director
Jennifer Ferderer, fiscal investment
administrative assistant
Missy Kopp, executive assistant
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Other forms of this newsletter are available upon request.
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RIO's mission: "To provide prudent and transparent investment services for our client funds and support North Dakota public school educators with responsible benefit administration." |
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