BISMARCK, ND – The North Dakota State Investment Board (SIB) is pleased to announce the selection of Weaver’s Asset Management Consulting Services practice to provide investment compliance services.
"To manage the assets under the State Investment Board’s control more efficiently, the Retirement and Investment Office is implementing internal direct investing strategies that demand a robust compliance framework," said Jan Murtha, Retirement and Investment Office (RIO) Executive Director.
Weaver’s responsibilities will include helping RIO to incorporate new compliance policies, providing compliance testing and monitoring, and establishing guidelines and controls for the agency’s new internal investment program to comply with regulatory and legal requirements.
"Launching an internal investment program requires a comprehensive set of policies and procedures to mitigate risk and enhance operational controls," said Scott Anderson, RIO’s Chief Investment Officer. "Our goal is to build a solid compliance foundation for the internal investment initiative."
RIO was authorized to form an internal investment team, a practice common to state-run investment programs, during the 2023 legislative session. The cost of operating an internal investment team is less than using external managers and it provides greater control over the investments.
"Weaver is honored for the opportunity to help ensure the Retirement and Investment Office’s compliance program is both effective and adaptable to the evolving circumstances. Led by Michael Barakat, Director of Investment Adviser Compliance, our team is committed to delivering a tailored approach that addresses the unique needs of the agency," said Bruce Mills, Partner, Asset Management Consulting Services, Weaver.
Weaver has established a national presence through its commitment to clients’ success, acting with integrity, and striving to transcend expectations. With offices coast to coast, the firm is nationally ranked by both INSIDE Public Accounting (IPA) and Accounting Today, including recognition as a Best of the Best and Fastest-Growing firm by IPA in 2024.
Committed to prudent and effective investment management, the SIB oversees a $22 billion portfolio that includes the assets of North Dakota’s Legacy Fund, Public Employees Retirement System, and Teachers’ Fund for Retirement. The SIB is responsible for the administration of the state’s investment program with RIO coordinating the activities.