Jill Schurtz will be next manager of Minnesota's $131 billion in investments

Jill Schurtz — a West Point graduate, Army captain and the executive director and chief investment officer of the St. Paul Teachers' Retirement Fund — will be the next manager of the Minnesota State Board of Investment and its $131 billion portfolio of funds.

Schurtz will succeed Mansco Perry III as the Board of Investment's executive director and chief investment officer. Perry has headed the board since 2013. His last day will be Oct. 11, after announcing his retirement last year.

"I think Jill is an excellent choice by the board," Perry said. "Everything is in pretty good shape, I have strong confidence that she will improve the organization."

After seven years of service with the U.S. Army, Schurtz earned a law degree from Columbia Law School. She was CEO of an asset management firm, Robeco-Sage. In 2014, she took over as head of the St. Paul Teachers' Retirement Fund Association.

At the teachers fund, Schurtz was responsible for a $1.2 billion portfolio and $120 million in annual pension benefits for nearly 13,000 members.

In her new role, she will be leading a 137-year-old agency with a portfolio 100 times larger than the teachers fund. The state of Minnesota had $131 billion in assets under management as of March 31.

Schurtz will lead a staff of around 25 to 30. Perry has retained the same staff size as when he began in 2013, when the portfolio was worth $68.6 million.

The Minnesota State Board of Investment's board includes Gov. Tim Walz, State Auditor Julie Blaha, Secretary of State Steve Simon and Attorney General Keith Ellison.

The board hired Korn Ferry to conduct a national search and Schurtz was recommended for the position by Gary Martin, the chief investment officer at Macalester College in St. Paul.

Korn Ferry will finalize the terms and conditions of the Schurtz's employment contract.