Permanent Fund managers won't talk about residency plans

September 16, 2010 

Jeffrey Scott

The Alaska Permanent Fund's two top investment managers don't appear to have established residency in Juneau and won't respond to Juneau Empire questions about their plans. Lawmakers have called on Jeffrey Scott, the fund's chief investment officer since 2008, and his top deputy, Max Giolitti, an employee since 2009, to move north and "really invest in the state."

From the Empire:

Scott ... told a legislative committee in 2009 he had, at that time, a condo in Juneau, but a trade publication wrote earlier this month he still lives in Seattle.

Scott's residency [and] that of some other top Permanent Fund money managers have some legislators concerned as well. After raising questions about where Scott was living last year, they said recently that they were disappointed to find out he hadn't yet moved to Juneau, but that fund managers have disregarded legislative concerns in the past.

"It come as no surprise that he may not have had the veracity that he represented," said Rep. Mike Hawker, R-Anchorage.

Scott, the state's highest-paid employee at $350,000 per year, told Institutional Investor Magazine recently that his family has remained in the Seattle area while they try to sell their home, which is listed at more than double its appraised value, says the Empire. Giolitti, who has never claimed to be an Alaska resident, has said he's having a hard time finding a house to buy in Juneau.

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