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Alaska Permanent’s CIO Russell Read Resigns

After two years at the sovereign wealth fund, Read is leaving for London.

The Alaska Permanent Fund Corporation’s chief investment officer has resigned, according to an announcement Wednesday. 

After spending just over two years at the sovereign wealth fund, Russell Read is leaving for an opportunity in London. 

“Being a member of APFC’s team during such a pivotal and dynamic time for the Alaska Permanent Fund has been a novel experience and one I am proud to have been part of,” Read said in a statement. “The new opportunity I am pursuing will match my global markets leadership skills with my years of CIO expertise.”

[II Deep Dive: A Sovereign Wealth Fund and an Asset Manager Open a Region]

Prior to joining Alaska Permanent, Read had worked as the chief investment officer and deputy chief executive of the Gulf Investment Corp. in Kuwait. Earlier in his career, he led the California Public Employees’ Retirement System (CalPERS) as CIO, according to Alaska Permanent’s website. 

He also previously served as deputy CIO for Deutsche Asset Management unit Scudder Investments, and as director of investment product design, commodities, and quantitative strategies for Oppenheimer Funds. 

“Russell has made valuable contributions to the fund through his vision and dedication to build upon the foundation of the Corporation’s long-term investment strategies and governance,” said Alaska Permanent’s board chairman Bill Moran in a statement. 

Following Read’s departure, Marcus Frampton will take on the role of acting CIO. He has worked for the fund since 2012, most recently as the fund’s director of investments, real assets, and absolute return. 

Prior to joining Alaska Permanent, Frampton worked for companies including Lehman Brothers and PCG Capital Partners, according to Alaska Permanent’s announcement. 

The fund’s chief executive officer Angela Rodell will work alongside its board of trustees to find a replacement for Read. 

In addition to the now-open CIO role, Alaska Permanent is also seeking senior portfolio managers for its private equity and infrastructure programs. 

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