September 28, 2012

Budnick is Malloy's pick to chair CT pension watchdog

New Canaan management consultant Neil G. Budnick is the governor's choice to chair the Investment Advisory Council, the watchdog state body that teams with the state treasurer to oversee state workers' pension investments.

Budnick is managing director of consultancy Channel Rock Partners.

He also serves on the board and chairs the audit committees for both Information Services Group and RHR International.

He also served on the New Canaan Board of Finance for more than five years.

In its advisory role, the IAC must approve an asset allocation plan establishing an investment framework, which over a long-term investment horizon is designed to both preserve and grow the assets of the funds, authorities said.

It also serves as watchdog over the funds, notifying state auditors and the comptroller of any unsafe handling of the funds, and informing the governor of any investment decision not in the state's best interest.

The IAC consists of five public members appointed by the governor and legislative leadership, and the State Treasurer and the Secretary of the Office of Policy and Management, who both serve as ex-officio members.

The chair is appointed by the governor.

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