Alan Biller and Associates – one of the largest independent OCIO firms on our latest OCIO list – announced the hire of John D. Skjervem as their new chief executive officer and we are pleased that Charles Skorina & Co was able to assist with the search.
Mr. Skjervem, currently chief investment officer at the mighty $111 billion investment division of the Oregon State Treasury, will be joining ABA in Menlo Park in early April.
A University of Chicago MBA, Mr. Skjervem joined the Oregon Treasury in 2012 after twenty-one years at Northern Trust, most recently as CIO for NT’s $180 billion wealth-management unit.
The OCIO Industry and Taft-Hartley Pension Plans
As we noted in our 2019 OCIO (Outsourced Chief Investment Officer) report, the largest firms, including stand-alones like Alan Biller and Hirtle Callaghan as well as majors like Goldman Sachs and Mercer, continue to hire top talent and build infrastructure as the market grows.
By our bottom-up reckoning, discretionary assets rose from $1.98 trillion in the middle of 2018 to $2.38 trillion at June of 2019, a very impressive year-over-year growth rate of 19 percent!
ABA specializes in a sub-set of the OCIO matrix: the pension plans known as Taft-Hartleys (aka, “multiemployer,” or just “union plans).”
These are not as well covered by the broader investment industry as, say, the endowment and foundation sector, but they are at the heart of ABA’s success.
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