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Wurts and Associates hires Alaska Permanent Fund CIO Jeffrey Scott

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Jeffrey Scott (pictured), CIO of the USD40 billion Alaska Permanent Fund, one of the world’s largest sovereign wealth funds, announced today he will be joining Wurts & Associates as chief investment officer. Following nearly three years at the Alaska Permanent Fund Corporation (APFC), Scott moves to Wurts to lead the firm’s discretionary investment practice. Along with Scott, Max Giolitti, APFC’s Director of Asset Allocation and Risk will be joining Wurts as well.

The hiring of Scott and Giolitti marks another strategic resource investment by the 25 year old firm. Building upon a senior staff with an average of more than 15 years of investment experience, Wurts has strengthened its consulting and research divisions through a number of high-level appointments. Since 2008, Eric Petroff has been added as Director of Research, Brian Rowe as Director of Manager Research and Brad Ness and Jason Taylor joined the firm as senior consultants.
The firm, with offices in Seattle and Los Angeles, provides discretionary and non-discretionary investment solutions to educational and charitable organisations, corporate and public retirement funds, health care and financial institutions, and multi-employer trusts. Founded in 1986, the firm now advises over USD34 billion in institutional assets.

“We are thrilled to have Jeff and Max join Wurts & Associates. Jeff’s background in risk management, alternative investments, and his personal leadership qualities are truly exceptional,” says Wurts CEO, Jeff MacLean. “Conventional wisdom needs to be challenged in how we allocate assets and manage risk in portfolios. Jeff’s well established background and thought leadership will help Wurts & Associates redefine how institutional investors should allocate their assets relative to liabilities and objectives.”

Jeff Scott comes to Wurts with more than 20 years of investment experience. As Assistant Treasurer for Microsoft, Scott managed a USD56 billion absolute-return global asset portfolio. During his tenure at Microsoft, the team developed a risk management framework that is now getting global interest from sovereign wealth funds and large public funds in the United States. Following his time at Microsoft, Scott spent several years managing a hedge fund and consulting to technology and insurance companies on risk management. In 2008, Jeff was selected to be the CIO for the APFC. Under his investment leadership, APFC was named as the 2010 Industry Innovation Award winner in the Sovereign Wealth Fund category by aiCIO Magazine. Most recently, Institutional Investor and the Hedge Fund Industry honoured Scott with the 2011 Outstanding Contribution Award.

Giolitti has an extensive quantitative, technology, and capital markets background, uniquely qualifying him to manage the implementation of enterprise risk and asset allocation systems. His formal education includes undergraduate degrees in Physics and Mathematics and master’s degrees in Statistics and Applied Mathematics. Max worked with Jeff at Microsoft as Director of Quantitative Analysis where he managed financial risk and asset allocation for the USD56 billion absolute-return global asset portfolio and most recently as Director of Asset Allocation and Risk at the APFC where he implemented an economic and market risk-factor asset allocation system.

“This is an amazing opportunity to work at a firm with a stellar reputation and a history of excellence,” says Jeff Scott. “I’m excited to work with Jeff and his talented team to put a philosophy of risk-based asset allocation into practice. Wurts does a tremendous job of providing investment advice that takes into consideration macroeconomic trends and capital market valuations, and I believe the addition of a risk framework will help the firm challenge the conventional wisdom on how asset allocation decisions are made.”

Scott will continue with the APFC through early August and officially join Wurts & Associates shortly thereafter. He will serve as Wurts & Associates’ first CIO and will focus on leading the investment professionals and managing the company’s discretionary business. Mr. Giolitti will join the firm as Director of Risk Allocation and will support the consulting team and the implementation of risk management solutions for discretionary clients.

“Over the past 25 years our company has steadily grown in capability and reputation,” says MacLean. “Our research team has never been stronger; we continue to deliver quality, conflict-free consulting, and with these two well-established professionals, Wurts & Associates strengthens our capabilities even further to provide a truly exceptional discretionary consulting solution with an innovative, risk-based framework.”

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