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State names new top investment guru

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KMSP is calling him Minnesota's '68 Billion Dollar Man.' He's a state employee who will earn almost three times what the Governor makes. And you've probably never heard of him.

MPR reports that Mansco Perry III was named today as the new executive director of the Minnesota State Board of Investment. The board, comprised of the governor, attorney general, state auditor and secretary of state, oversees the state agency that manages the $68 billion investment of public retirement funds, trust funds, and cash accounts.

Perry was the sole finalist for the job among 55 candidates. His hiring followed a six-month nationwide search. Perry is currently chief investment officer at Macalester College in St. Paul, where he has overseen the college's $634 million endowment and investments.

Perry succeeds Howard Bicker, who will retire next month after more than 30 years in the position. Perry had previously been an assistant to Bickers.

Perry will earn a salary of $325,000 per year. The Star Tribune notes the governor's salary is currently $120,303. Gov. Mark Dayton said Perry's salary is in line with managers in similar positions in other states. Dayton called it a reasonable amount.

“He’s making at Macalester now $319,000,” Dayton said. “You can’t expect him to come over here for less. So, I think it’s appropriate. It’s a lot of money, but that’s the nature of that line of work.”

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