The Oregon State Treasury Department has appointed a new chief investment officer to oversee the state’s investments, according to an announcement Tuesday.
Rex Kim, a senior investment consultant at Portland-based Multnomah Group, will be the state’s next CIO, the treasury said. Kim has served on the Oregon Investment Council since 2016 and was elected as the council’s vice chair in February. He will start in his new role as chief investment officer in April, succeeding John Skjervem.
Skjervem is leaving the state fund to become the chief executive officer of investment consulting firm Alan Biller and Associates, according to the website of search consultant Charles Skorina. He was the state’s chief investment officer for seven years, according to the treasury’s announcement.
“John oversaw meaningful, long-lasting changes to our investment division, and we want to build on that important work,” Michael Kaplan, Oregon’s deputy treasurer, said in a statement.
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As the new CIO, Kim will oversee the Oregon Public Employees Retirement Fund, the Oregon Short Term Fund, and the Common School Fund, according to the announcement.
“Rex is everything we are looking for in a CIO: smart, thoughtful, calm, and an industry leader,” Oregon state treasurer Tobias Read said in a statement. “His background as an Oregon Investment Council member provides him a unique experience and familiarity with our team and our investment beliefs, and he’ll bring welcome continuity to our investment approach.”
According to Kaplan, Kim expressed interest in the position “not long after we let OIC members know about John leaving.”
It “seemed too good to be true,” Kaplan said. “After interviewing Rex, we knew we’d found the right person to lead the team and help further strengthen our investment program.”
Prior to joining Multnomah Group in 2016, Kim was a managing director at Tallwoods Partners, an investment consulting firm. He previously worked at Common Sense Investment Management, a fund of hedge funds, and was the director of hedge fund research at CTC Consulting.
A spokesperson for the state did not return a phone call seeking further comment on Tuesday.
