Retirement Monitor, October 27, 2004

State Treasurer Richard Moore has named Patricia Gerrick to his senior management team as chief investment officer and deputy state treasurer for the State’s $60 billion retirement trust fund portfolio.  Gerrick is the first female and first African American to hold the position for the State of North Carolina. 

“I am thrilled to have someone of Pat’s experience and talent to lead the ninth largest pension fund in the country,” Moore said.  “We have established a track record of strong investment returns while maintaining very low risk and Pat will continue to build on this conservative model.”

Gerrick brings with her over twenty-five years of experience in both public and private pension fund management, most recently serving as the chief investment officer for the Indiana Public Employees’ Retirement Fund.  While in Indiana, she elevated the fund’s three-year relative performance from 89th percentile to 22nd percentile.

“The State of North Carolina’s Retirement Systems are known throughout the country as one of the strongest, due in large part to Treasurer Moore’s conservative investment philosophy,” said Gerrick.  “I am honored to be asked to serve the people of North Carolina as the State’s chief investment officer.”

A mother of three who received her Master’s of Business Administration from Columbia University, Gerrick spent the first four years of her career in pension management overseeing the $1.7 billion pension plan for Sprint Corporation.  As the executive officer for the Kansas City Employees Retirement System, she recommended and implemented an investment diversification plan, which achieved first decile performance within five years and realized 15 percent reduction in operating costs. She was responsible for strategy development, implementation, management and evaluation of the $12 billion international investment program for the New York State Common Retirement Fund for three years.