State treasure names investment advisory council members

State Treasurer Brad Briner named four new members to the state’s Investment Advisory Committee, which counsels the $123 billion retirement system.

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Three of the new appointees are from out of state. Robert Durden is CEO of the University of Virginia Investment Management Co. in Charlottesville; Michael Kennedy is a former senior client partner in Atlanta for Korn Ferry; and Jamey Spencer of San Francisco is managing director of Pathstone, a private investment company. The fourth appointee, Dan Ward, lives in Charlotte and is chief investment officer at Greenhawk Family Office.

“Our vision is to generate best-in-class long-term investment performance. North Carolina’s pensions realized almost 1.4% lower annual performance than the average pension in the United States over the last 10 years,” Briner said in a release. “North Carolina deserves better, and this group of professionals will help ensure that we are maximizing returns at an appropriate level of risk.”

It wasn’t by design that three new members are not N.C. residents, Briner says. “I was looking for the best available talent with a connection to North Carolina.”

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Durden is a former managing director of Chapel Hill-based Morgan Creek Capital Management, the investment firm led by former UNC Management Co. Presidentf Mark Yusko. The Virginia fund managed about $14 billion as of June 30. Spencer is a Wake Forest University graduate, while Ward formerly led investments for Virginia Tech University.

The companies affiliated with advisory committee members won’t handle investments for the state, Briner says.

The IAC is a six-member body with advisory authority only. It is chaired by the state treasurer, who appoints its members. Under former State Treasurer Dale Folwell, the committee included five N.C. residents.