$55 Bil UAW Trust Seeks Knowledgeable, Steady Hand At The Helm

$55 Bil UAW Trust Seeks Knowledgeable, Steady Hand At The Helm

Are you looking for a high-paid finance position with a great deal of responsibility? If so, you might want to know that United Auto Workers Retiree Medical Benefits Trust is looking for an experienced Chief Investment Officer to step in for ex-CIO Kenneth Frier, reports CIO .

Frier resigned the post this last September. Frier only served as the head of investments at the UAW Trust for two years.

Of note, the more than $55 billion UAW trust was set up to fund the health care needs of 744,000 former employees of Ford, General Motors and Chrysler.

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Statement from former UAW Trust CIO

Frier pointed out shortly after taking the job in 2013 that UAW’s unique structure and obligations definitely posed some challenges.

“We can’t just follow the endowment model,” Frier noted. “Because we have a larger outflow than most endowments or foundations, we need to have a larger amount of our portfolio in liquid assets. And that presents the challenge, as most traditional liquid asset classes—stocks, bonds—are likely to have lower than average historical returns.”

More on UAW Trust CIO job

The job posting notes that the CIO will be responsible for an 18-member staff in Ann Arbor, Michigan, and will need to produce returns to fund both short-term and long-term benefits.

The job description highlighted the importance of the CIO’s ability to maintain a “highly productive working relationship” with the committee that determines investment policy and tracks investment decisions and returns.

The CIO would be expected to report to  both Adam Blumenthal, chair of the investment committee, and Fran Parker, the executive director.

The job posting also noted the ideal candidate would have substantial experience and a demonstrated track record. Candidates who can with traditional and alternative investments and have an “knack for integrating ‘top down’ and ‘bottom up’ perspectives” will be given preference.

The candidate is also expected to have suggestions regarding incorporating environmental, social, and governance factors into the trust’s investment strategies, and to create effective long-term partnerships with a number of external managers.

A strong leader who is fully committed to the trust’s ideals and cultural norms is also required.

Candidates must have at least a bachelor’s degree in a relevant field, and higher degrees and professional certifications including an MBA, master’s degree, and/or CFA are highly preferred.

Executive recruiter Korn Ferry is spearheading the search for the UAW Trust.

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