ST. PAUL, Minn. (AP) — Minnesota state government’s $65 billion man is approaching retirement and a nationwide hunt is on for a successor.
Howard Bicker’s impending departure as executive director of the State Board of Investment comes after more than three decades at the helm of the overlooked but important wing of government. The portfolio he manages affects pension accounts for thousands of retired public workers.
The state is paying a private search firm a hefty sum to identify candidates. A key challenge is to find a seasoned leader to steer the giant portfolio on a public-sector salary when investment jobs with bigger paydays are out there.
Since Bicker took over, the state’s portfolio has climbed from about $6 billion to $65 billion as of this spring.