New leader named for North Dakota investment agency – Bismarck Tribune

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A short-staffed state agency key to implementing new in-state investment components of North Dakota’s $8.3 billion oil tax savings has a new leader.
The State Investment Board recently named Retirement and Investment Office interim Executive Director Jan Murtha to take over the role on a permanent basis. The office oversees about $20 billion of assets.
Murtha, who is an attorney, has led the agency in the interim role since June, when previous Executive Director/Chief Investment Officer Dave Hunter resigned for a job in Alabama.
She was hired in 2020 and previously was the office’s deputy executive director and chief retirement officer.
The agency is key to effecting new in-state investment mandates of the Legacy Fund approved by the Legislature, which include making investments in companies in the state.
Critical understaffing has affected the office’s speed in implementing the requirements. As of last month, the agency had 13 employees in place, of 19 positions the Legislature allotted earlier this year.
During the Legislature’s special session earlier this month, state lawmakers approved an additional six full-time employees and $1.8 million for salaries and expenses. Murtha has said those resources will help the office meet the new investment requirements.
Some state lawmakers have expressed frustration with the in-state requirements’ rollout, but the state securities commissioner has disagreed and says the mandates need time to work.
Murtha told the Legacy Fund’s advisory board earlier this month that the office hopes to have a chief risk officer in place in December. Final interviews for a chief investment officer are scheduled for next month. 
Retirement and Investment Office Executive Director Jan Murtha discusses a timeline on Nov. 11 for major office hires.
State Retirement and Investment Office Interim Executive Director Jan Murtha talks to members of the Legacy and Budget Stabilization Fund Advisory Board at the state Capitol in Bismarck in October 2021.
Reach Jack Dura at 701-250-8225 or jack.dura@bismarcktribune.com.

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State Retirement and Investment Office Interim Executive Director Jan Murtha talks to members of the Legacy and Budget Stabilization Fund Advisory Board at the state Capitol in Bismarck in October 2021.
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