Alaska hires former Microsoft exec as CIO

The $29.5 billion Alaska Permanent Fund, which manages income from the state’s oil and mineral resources, has appointed former Microsoft executive Jeffrey Scott as chief investment officer following a four month search.

Scott joins the Alaska Permanent Fund from financial management and consulting business JCS Advisors, which he founded in 2007. Scott will take over the role on 17 November.

Prior to founding JCS, Scott was chief executive officer and chief investment officer of $245 million multi-strategy hedge fund Tahoma Capital. Earlier, he spent nine years at Microsoft Corporation as assistant treasurer and partner overseeing a $60 billion absolute return portfolio.

Scott is replacing Richard Schafer who departed the Alaska fund after nine years, including five years as chief investment officer. Shafer in September joined the New Hampshire Retirement System, which has $5.9 billion in assets as of 30 June 2007, as director of investments.

In June, the Alaska Permanent Fund approved a 2 percent increase in its private equity and absolute return strategy, from 4 percent to 6 percent. The board also authorised a 1 percent increase in its infrastructure and emerging markets allocation, from 2 percent to 3 percent.

The fund launched its private equity allocation, managed by Pathway Capital Management, only four years ago.