South Carolina's Controversial CIO Heads To Private Sector
Robert Borden, the South Carolina Retirement System’s controversial chief investment officer, announced today that he would resign to become a managing partner and chief investment officer at FTA Partners, a multi-family office in Chapel Hill, N.C., that has more than $1 billion in assets. Borden will stay on until February 2012, after which he will be replaced on an interim basis by Hershel Harper, the pension’s deputy chief investment officer. Borden has sparred publicly with the state treasurer and others about his compensation, his expenses and his proposal to create an independent company to help manage a portion of the pension’s $26 billion in assets. The state’s pension system is underfunded by $13 billion. As of June 30, the system had 6.8 percent of its assets in private equity, a level that ...
