APFC RFI Issued to Inform Procurement Process

In Uncategorized by Paulyn

Juneau – On Monday, January 24, the Alaska Permanent Fund Corporation posted a Request For Information (RFI) to the State of Alaska’s Online Public Notice (OPN) system APFC- Executive Search Firm- Request for Information, seeking information from executive search firms. This pre-procurement process is intended to collect information, including anticipated costs, from competitive vendors in the industry. The information that we collect from this RFI will help us determine the appropriate type of procurement process that should be followed in selecting an executive search firm to assist the APFC Board of Trustees in recruiting and selecting a new Executive Director. This non-mandatory step is considered a good practice as it assists with collecting the data necessary for drafting a thorough solicitation in a specialized field.

In selecting an executive search firm, APFC is working to develop a competitive procurement in accordance with State of Alaska procurement rules. When finalized, the solicitation will be published on OPN and distributed to interested vendors.

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APFC Affirms Commitment to the Fund

In Uncategorized by Adam Kane

Juneau – Alaska Permanent Fund Corporation (APFC) appreciates having been accorded the opportunity to meet with the Legislative Budget & Audit Committee and affirm APFC’s commitment as the Alaska Permanent Fund (Fund) fiduciaries. Ultimately, as Alaskans and dedicated public servants, we are all invested in the Fund’s success and strive to protect and grow these treasured financial assets for the intergenerational benefit of all Alaskans.

Chair Richards affirmed that “the responsibility of the Board is to make those difficult decisions in furtherance of its mission and responsibilities under the law.” He reassured the Committee that the Board’s decisions were “driven by the Trustees’ assessment of what would be the best course going forward to most effectively support the more than $84 billion financial investment portfolio and those charged with the investment and management of this Fund.”

The enduring stewardship and safeguarding of this essential Alaskan financial resource are based on the APFC’s commitment to ensuring that investment of the Fund is conducted in accordance with constitutional provisions, statutory mandates, governance structures and the Board’s set investment objectives.

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APFC Named 2021 Best Places to Work in Money Management

In Uncategorized by Adam Kane

New York, NY – APFC was awarded the 2021 Best Places to Work in Money Management by Pensions & Investments this week.

Rising to meet the challenges presented in 2021, APFC’s staff continued to excel becoming more empowered to optimize the workplace to best suit their strengths, while building a stronger Corporate culture. Having closed the 2021 fiscal year at an all time high value, earning record returns of 29.73% for the period, APFC is viewed as one of the largest, most effective, and globally-positioned sovereign wealth funds in the nation. The Alaska Permanent Fund Corporation is committed to safeguarding and investing the assets of the Permanent Fund, and in our service to Alaska and our partners around the world, APFC remains united on our shared values of integrity, stewardship and passion.

“It is incredibly humbling to have our team acknowledged by Pensions & Investments as a Best Place to Work.” said Chad Brown, APFC’s Director of Human Resources. “As only the 2nd public fund and the only Sovereign Wealth Fund in the US to have won, I couldn’t be more proud of every member of our team who brings a deep commitment and passion to their work.  I couldn’t think of a better group of people with whom to surround myself.”

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APFC’s Commitment to Invest and Manage the Fund

In Uncategorized by Adam Kane

Together, APFC’s resilient team of talented professionals continue to do the work that Alaskans, our global financial partners, and ourselves demand – Invest and manage the Alaska Permanent Fund for the intergenerational benefit of all Alaskans.

Built on a strong foundation of knowledge and expertise, APFC is strengthened by the sum of its parts. Our culture incorporates the values that unite us, and we remain invested with Alaskans.  Each and every day, APFC is committed to bringing forth our vision – to deliver outstanding returns for the benefit of all current and future generations of Alaskans.

The energy of transition inspires action, and APFC’s Board and staff remain deeply committed to continuing the vital work necessary to prudently manage and grow the Permanent Fund.

Ultimately, we are deeply grateful for the enduring support of our fellow Alaskans and our partners, who like us, want to see Alaska’s largest, renewable financial resource succeed at providing for generations to come.

 

 

 

 

 

 

 

 

 

APFC’s Board of Trustees Seeks New Executive Director

In Uncategorized by Adam Kane

News Release
For Immediate Release: December 9, 2021
Contact: Paulyn Swanson 907.796.1520

APFC’s Board of Trustees Seeks New Executive Director

Anchorage – After the review and completion of the annual Executive Director evaluation, the Board of Trustees of the Alaska Permanent Fund Corporation have decided to undertake a search for a new executive director to lead the Permanent Fund in its continued growth and evolving role in support of Alaska.

The Board is grateful for Director Rodell’s service and engagement during her tenure and wishes her well.

In the interim, while the Board conducts a search for a replacement executive director, the Board has designated the Chief Financial Officer Valerie Mertz as the acting Executive Director.  The Board has complete confidence in her ability to manage the Corporation and the Fund during this transition.

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APFC’s Board of Trustees Updated on the In-State Investment Program

In Uncategorized by Adam Kane

APFC’s Board of Trustees Updated on the In-State Investment Program

 Anchorage – The Board of Trustees held its quarterly meeting in Anchorage and via webinar on December 8 – 9, 2021 to consider the Alaska Permanent Fund’s first-quarter investment performance and associated capital markets insights, the In-State Investment program, the role of Cash within the portfolio, and an update on Callan’s modeling of the Earnings Reserve Account.

After the review and completion of the annual Executive Director evaluation, the Board of Trustees of the Alaska Permanent Fund Corporation have decided to undertake a search for a new executive director to lead the Corporation in its continued growth and evolving role in support of Alaska.

The next meeting of the Board of Trustees will be the quarterly meeting on February 16-17, 2021, in Juneau and via WebEx.  Meeting information can be found at https://apfc.org/the-board-of-trustees/board-of-trustees-meetings/.

Archived video recordings of all Board of Trustees meetings can be found on our website at https://apfc.org/bot-video-archive/ in the coming days.

Download the full summary of the Board of Trustees Quarterly Meeting.

 

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APFC Board of Trustees Quarterly Meeting

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Quarterly Meeting December 8-9, 2021.

The public is invited to attend this meeting in person or via webinar and there will be an opportunity for public comment and participation at the beginning of the meeting on December 8. Please see the agenda for meeting details (location, time, and webinar link).

APFC BOT Meeting Agenda – December 8-9, 2021
APFC BOT Quarterly Meeting Packet – December 8-9, 2021
Investment Advisor Slide

 

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Unraveling the complexity, settling trades in Trade Operations

In APFC Perspectives by Adam Kane

When it comes to investments, how familiar are you with custody? A custodial relationship for investment management is a relationship in which a designated agent is given a layer of control to assist the owner in transacting and safekeeping their assets. The Permanent Fund’s stocks, bonds, treasuries and other investments aren’t physically or digitally stored in the APFC office in Juneau, Alaska. A custodial bank holds these nearly 17,000 unique investments that span the globe, representing 28 currency denominations deposited in more than 700 bank accounts on behalf of the Alaska Permanent Fund. Though these assets are held in custody, APFC’s Trade Operations team, in partnership with the rest of the Finance Department, is responsible for ensuring that they are reconciled and processed to support the investment decisions of the Alaska Permanent Fund Corporation’s portfolio managers.

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The Alaska Permanent Fund: Taking Care of Alaska and Alaskans for 45 Years

In Uncategorized by Adam Kane

The late Governor Jay Hammond liked to dream big. He wanted to “transform oil wells pumping oil for a finite period into money wells pumping money for infinity.” His dream came true. Because of the Alaska Permanent Fund, Alaska is now the only State that earns much of its unrestricted general fund revenues from the global economy.

Today, the Alaska Permanent Fund totals more than $80 billion. It’s the largest sovereign wealth fund in the nation, the pride of Alaska and this month we celebrate its 45th anniversary.

The Fund’s roots date to 1968 when oil was discovered at Prudhoe Bay on Alaska’s North Slope. The find was world-class – what they call an “elephant” in the industry. The State held a lease sale just months after the discovery, and when the last bid was opened, the new State pocketed nearly $1 billion in bonus bids – enough money in those days to fully fund the state budget for a decade.

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APFC’s Board of Trustees Review Resolutions and Trustees Paper Vol. 9

In Uncategorized by Adam Kane

Anchorage – The Trustees met in Anchorage and via Webinar to consider active Board Resolutions, review Trustees Paper Volume 9 and Sovereign Wealth Fund rules with Dr. Malan Reitveld.

APFC bylaws require that Resolutions inform the establishment of investment policy and allow for direction related to long-term administrative and operating procedures. Included in resolutions about investment policies are the Board’s definition of income-producing investments, the recognition of responsibility to the Principal of the Fund, and the establishment of the In-State Emerging Manager program. Administrative Resolutions include delegation authorities, staff compensation, and succession planning. Amongst the Investment and Administrative Resolutions are also resolutions that provide saving and spending guidance; all of these resolutions have in common the theme of protecting the Principal of the Fund – from inflation, from inadvertent loss – and encouraging real growth of the Fund.

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