GOV. MALLOY APPOINTS NEIL BUDNICK CHAIR OF INVESTMENT ADVISORY COUNCIL
(HARTFORD, CT) - Governor Dannel P. Malloy today announced that he has appointed Neil G. Budnick of New Canaan to serve as chair of the Investment Advisory Council (IAC), the state body responsible for working with the State Treasurer in overseeing the investments of the Connecticut Retirement Plans and Trust Funds.
"The Investment Advisory Council has important oversight responsibilities over our state's investment policies, playing a critical role in ensuring our funds are being invested with the necessary ability for preservation and growth," Governor Malloy said. "I am glad that Neil has agreed to serve in the role and am confident in his ability to lead the Council."
Budnick serves as Managing Director of Channel Rock Partners, a management consulting firm that provides business strategy and opportunity analysis, operations improvement and risk management support. He also serves as a Board Member and Chair of the Audit Committees for both Information Services Group (ISG) (NASDAQ: III) and RHR International. Previously, he served as President and Chief Financial Officer of MBIA, the world's largest financial guarantor and provider of specialized financial services. A Republican, he has also served as a Board Member of the New Canaan Board of Finance for over five years.
"I can't think of a more exciting time than this period in our economic history to take on the challenge of investing, taking into account capital preservation, growth and risk," Budnick said. "I appreciate the confidence the Governor has placed both in me and the Council."
The IAC is responsible for approving an asset allocation plan establishing an investment framework, which over a long-term investment horizon is designed to both preserve and grow the assets of the funds. It also serves as an oversight body over the funds, notifying state auditors and the Comptroller of any unsafe handling of the funds, and in forming the Governor of its belief that an investment decision may not be in the state's best interest.
By state law, members of the council include five public members appointed by the Governor and legislative leadership, and the State Treasurer and the Secretary of the Office of Policy and Management, who both serve as ex-officio members. The chair is appointed by the Governor.
For Immediate Release: September 28, 2012
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