Kenneth Frier, CIO of the United Auto Works (Art by Tim Bower)Kenneth Frier, CIO of the United Auto Workers (UAW) Retiree
Medical Benefits Trust, has resigned from his role after two years.
A spokesperson for the $56 billion trust said Frier had left to “pursue another opportunity”, and named Avtar Vasu as interim CIO.
Frier joined UAW in July 2012, having previously been CIO at Stanford University’s endowment and Hewlett-Packard’s retirement plan. He was named in CIO’s Power 100 in 2013.
The spokesperson said the trust was to conduct a “national search” for a permanent replacement, and thanked Frier for his service.
“During his tenure with the trust, Ken diversified the trust’s investment strategy and built a strong team of talented portfolio managers,” the spokesperson said.
Frier’s departure follows that of Marina Mekhlis, former absolute return manager at the UAW trust, who joined a New York-based hedge fund in July.
Vasu joined UAW in 2012 as a senior managing director from Harvard Management Company, which runs Havard University’s $33 billion endowment.
The UAW trust is responsible for providing medical benefits to retired members of the General Motors, Ford, and Chrysler pensions.
Related Content: Power 100 #57: Ken Frier & Chrysler Buyout to Yield Cash Surge for UAW Medical Trust