Tar Heel Fund Gets New CIO

September 14, 2004 (PLANSPONSOR.com) - North Carolina State Treasurer Richard Moore has tapped Patricia Gerrick as chief investment officer for the Tar Heel state's $60 billion pension fund.

Gerrick, who was also named as a deputy state treasurer, fills a position that had been vacant since former investment manager Andy Silton resigned in December, the Raleigh News & Observer reported. Gerrick, 51, is the first female and first black person to hold the position for North Carolina.

As the state’s newest money manager, Gerrick will earn $150,000 a year plus a 30% performance bonus, closely mirroring the compensation package paid to Silton.

Gerrick, who holds an MBA from Columbia University, has 25 years of experience in public and private pension-fund management, including leading Sprint’s $1.7 billion plan and, most recently, Indiana’s public pension fund.

Silton complained in his resignation letter of low salaries and understaffing in the state’s investment division. Since then, lawmakers approved the hiring of seven new workers at the pension fund and higher salaries for investment employees. Gerrick will oversee a staff of 19 (See NC Pension Advisor Quits Over ‘Sheer Lack of Resources’ ).