SIB selects Weaver for investment compliance services

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, implement compliance attestations and tracking, ensure adherence to regulatory and legal requirements, and establishing guidelines and controls for the agency's new internal investment program.

"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's approach ensures that the Retirement and Investment Office's compliance program will be both effective and adaptable to the evolving circumstances," said Michael Barakat, Director of Weaver's Asset Management Consulting Services.

Weaver has established a strong national presence through its commitment to client success, integrity, and exceeding expectations. Based in Houston, TX, Weaver is recognized as a Top 40 public accounting firm by Inside Public Accounting and, according to Accounting Today magazine, is the largest independent accounting firm in the southwest.

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.