Jay Willoughby, chief investment officer of the Alaska Permanent Fund Corp., is leaving to take a job with the same title at The Investment Fund for Foundations, a Pennsylvania-based organization that helps charities improve their investment returns.
Willoughby has served for the past four years as CIO of Alaska's $50 billion sovereign wealth fund, where he was responsible for all investment activities. Previously, he spent nine years with Merrill Lynch, a formerly independent brokerage company that's now a division of Bank of America, including a stint as CIO of its private investors group.
"Jay's significant experience in the investment industry and ability to strategize across investment approaches and styles is a terrific fit with TIFF's singular focus on delivering investment excellence to nonprofit organizations," Dick Flannery, CEO of The Investment Fund for Foundations, headquartered just outside Philadelphia, said in a press release.
Willoughby's decision marks the second top-tier departure from the fund's management this year. Former executive director Mike Burns retired in June and died the following month. The board has winnowed the field of possible replacements for Burns to four candidates. It plans to discuss the process of filling the CIO position and any interim appointment during a meeting in Anchorage next week, said corporation spokeswoman Laura Achee.
Willoughby is scheduled to start his new job Oct. 13.
"I am excited about the opportunity to lead TIFF's experienced investment team and to work with TIFF's highly respected board," Willoughby said in a written statement. "My TIFF colleagues and I will be laser-focused on investment excellence in our desire to help TIFF's members achieve their long-term investment objectives."