Connecting Some Ugly Dots About North Dakota’s Investment Consultants


MINOT, N.D. — Last month I wrote about North Dakota’s State Investment Board using time at a recent meeting to kick around policies aimed at making the board itself less accessible to media inquiries.

Some first-rate reporting from Patrick Springer perhaps illustrates why at least some of the board members feel that discussion was necessary.

Last week Springer revealed that Callan, a California-based consultant that manages the state’s investment consultants for the Legacy Fund (yes, they’ve hired a consultant to manage their consultants) has also received payments from most of the companies hired to do the consulting.

Callan “has received payments from 12 of the 14 companies that manage the investments for the $8.7 billion Legacy Fund,” Springer reported.

That’s bad.

Really bad.

But if we connect some dots, it looks even worse.

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