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UAW Retiree Trust Hires New Investment Chief
Kenneth Frier, a former investment manager for Stanford University and Hewlett-Packard Co., has been appointed chief investment officer of the United Auto Workers union's Retiree Medical Benefits Trust, effective Aug. 1.
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Kenneth Frier, a former investment manager for Stanford University and Hewlett-Packard Co., has been appointed chief investment officer of the United Auto Workers union's Retiree Medical Benefits Trust, effective Aug. 1.
He replaces Eric Henry, who left in March to head the Hershey, Pa.-based Milton Hershey School Trust.
Frier will manage the trust's $54 billion in assets, which pay for the healthcare benefits of 840,000 retired hourly employees of Chrysler, Ford and General Motors. The carmakers and the UAW agreed in 2007 to establish the voluntary employee beneficiary association, or VEBA, to move retiree healthcare liabilities off the Detroit Three's books.
Frier was CIO of Palo Alto, Calif.-based Stanford Management Co., which oversees the university's $14 billion endowment and other financial assets, in 2010-2011. He previously managed pension assets of $33 billion and $2.5 billion at HP and Walt Disney Co., respectively.
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