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Investment Advisory Council

The Legislature has established a seventeen member Investment Advisory Council (IAC) to advise the Board and its staff on investment-related matters.  

The Board appoints ten members experienced in finance and investments. These members traditionally have come from the Minneapolis and St. Paul corporate investment community.  The Commissioner of Minnesota Management & Budget and the Executive Directors of the three statewide retirement systems are permanent members of the Council.  Two active employee representatives and one retiree representative are appointed to the Council by the Governor.

All proposed investment policies are reviewed by the Investment Advisory Council before they are presented to the Board for action.

IAC Mission Statement

"The IAC fulfills its statutory duty to the SBI by providing advice and independent due diligence review of the investment policy and implementation recommendations that guide the SBI’s investment of assets."


Members of The Council

Public Members

Gary Martin, Chair

Chief Investment Officer

Macalester College


Kim Faust, Vice Chair

Vice President and Treasurer

Fairview Health Services


Malcolm W. McDonald

Emeritus Member

Director & Corporate Secretary (Retired)

Space Center, Inc.

Ellen Brownell

Senior Investment Advisor

Pohlad Investment Management, LLC

Dennis Duerst

Director, Benefit Funds Investment

3M Company


Susanna Gibbons

Managing Director

Carlson Funds Enterprise

Carlson School of Management


Morris Goodwin, Jr.

Senior Vice President and CFO

American Public Media Group


Dan McConnell

Business Manager

Building & Construction Trades

Council of Minneapolis


Nancy Orr

Chief Investment Officer

Fiduciary Counselling, Inc.


Carol Peterfeso

Chief Treasury and Investment Officer

University of St. Thomas


Shawn Wischmeier

Chief Investment Officer

Margaret A. Cargill Philanthropies


Permanent Members

Doug Anderson

Executive Director

Public Employees Retirement Association


Erin Leonard

Executive Director

Minnesota State Retirement System


Jay Stoffel

Executive Director

Teachers Retirement Association


Myron Frans


Minnesota Management & Budget

IAC Representative for Myron Frans

Jennifer Hassemer

Assistant Commissioner, Debt Mgmt.

Minnesota Management & Budget







Employee & Retirement

Denise Anderson

Governor's Appointee

Active Employee Representative


Peggy Ingison

Governor's Appointee

Retiree Member Representative