BISMARCK, ND – The North Dakota State Investment Board (SIB) has selected Callan to provide investment performance measurement and benchmark consulting services following a competitive procurement process.
“As the State Investment Board’s program has grown in size and complexity, we have modernized our consulting structure to strengthen oversight and support long-term performance,” said Jodi A. Smith, North Dakota Retirement and Investment Office (RIO) executive director.
Callan will provide independent measurement and analysis of the SIB's investment performance, helping to ensure results are evaluated against appropriate benchmarks and communicated clearly to decisionmakers and the public.
“We are honored to partner with the State Investment Board and support its mission of responsible stewardship on behalf of North Dakotans,” said Michael Joecken, SVP and investment consultant at Callan.
Callan will begin providing the investment performance measurement services on July 1, 2026, with benchmark consulting services starting July 1, 2027. The contract includes options for renewal, offering long-term continuity while maintaining flexibility as the SIB’s needs evolve.
The evolution of the SIB’s investment program is reflected in its 2024 transition from a broad, one-size-fits-all consulting model to a structure that engages specialized expertise for specific investment functions. The shift has improved efficiency and alignment between services and investment needs, while supporting RIO’s development of in-house capabilities that enhance long-term value and advance increasingly sophisticated investment strategies.
"This approach allows our investment team to use outside expertise where it's needed most while continuing to build our own investment capabilities. The result is a more efficient investment program that is well-positioned for the future," said Smith.
Founded in 1973, Callan is an employee‑owned investment consulting firm advising institutional investors representing more than $3 trillion in assets. The firm provides investment consulting services across the public and private sector, including pension plans, endowments, foundations, investment advisers, asset managers, and other institutional investors.
The SIB’s $29 billion investment portfolio is managed by the RIO and includes the assets of the Legacy Fund, Public Employees Retirement System, Teachers’ Fund for Retirement, Workforce Safety and Insurance, and approximately two dozen smaller government funds.