Ascension Health, St. Louis, named David Erickson to the newly created role of chief investment officer, effective Sept. 16. Erickson joins Ascension, the nation's largest private not-for-profit health system, from the University of Wisconsin Foundation, where he also served as investment chief.
Ascension Health taps Erickson for new investment officer post
“We have recognized that the increasing variety and complexity of financial markets and our investment portfolio, not only in the United States but worldwide, have led to a need for Ascension Health to take an even more focused approach in our investment strategies and opportunities,” Anthony Speranzo, the system's chief financial officer and senior vice president said in a written statement. Erickson will oversee the St. Louis-based system's investment portfolio.
Ascension reported investments totaling $6.7 billion as of June 30, according to financial statements. The 77-hospital system suffered investment losses during the economic downturn that helped reduce the number of days cash could fund operations to 158 days as of June 30 from 186 days as of June 30, 2008, according to the statements.
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