According to the Juneau Empire, Alaska Permanent Fund Corp. has selected a replacement for chief investment officer Jeffrey Scott, who left his position this summer.
The fund's new CIO will be Jay Willoughby, a New Jersey investment manager, most recently of Ironbound Capital Management, an equity hedge fund.
Out of 53 applicants, the two finalists were Willoughby and APFC's current equities manager Maria Tsu.
"Jay's a good pick," said Peter Naoroz, a former APFC real estate manager who worked with Willoughby in the mid-1990s. "He's got a history with the permanent fund, and helped us put together a REIT portfolio that has been meaningful performance contributor to the permanent fund."
In contrast to his predecessor, who caused a stir with some legislators by never actually moving to Alaska, Willoughby and his wife will be relocating to Juneau.
He will begin work on Nov. 1 and draw a salary of $325,000.
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