Neil Ramsey announced his official resignation from the Kentucky Retirement Systems board of trustees at its meeting on Thursday, two months after he first announced that he would resign over a legal conflict.
Following an Insider Louisville report in November about a possible conflict with state law regarding his service as both a KRS trustee and Anchorage city councilman, Ramsey announced at the December board meeting of KRS that he would have to resign, as he could not continue to legally serve as both.
However, Insider reported last week that Ramsey still remained a trustee and the chair of the KRS investment committee two months later, with Ramsey explaining that “my resignation is imminent as we are very close to completing some critical work.”
At the end of the KRS board meeting Thursday morning, Ramsey made the resignation official.
“I submitted my resignation today to chairman Harris, and I just want to say it’s been a pleasure to serve on the board,” said Ramsey, who added that it was effective immediately.
KRS board chairman David Harris then added: “Neil stayed on for the past several months as a personal favor to me. I asked him to. We had some things we had to finish in the past several months. We’ve been working very hard on finishing our staff and directional innovation structure for the investment team.”
Without mentioning any specifics, Harris suggested that Ramsey’s continued service over the past two months has “been not without some communication from the outside world… perhaps persecution, unduly.”
To laughter from the board, Harris said that he refused to accept Ramsey’s resignation last year but would now, calling him an integral part of the KRS investment team, and “it’s been awesome.”
Harris announced that KRS trustee John Farris would take over as chair of the investment committee.
There was no discussion in the meeting of whether or not Ramsey would fill a newly created unpaid adviser position for the board’s investment committee, which the board approved in the December meeting and indicated that Ramsey would fill after being forced to resign as a trustee.
Kentucky Retirement Systems is responsible for managing $12.3 billion of public pension assets for state and local government workers and retirees, with the investment committee responsible for determining how those assets are invested.
Ramsey — appointed as a KRS trustee by Gov. Matt Bevin in 2016 — founded Ramsey Financial Inc., the parent company of the Ramsey Quantitative Systems hedge fund investment firm, where he serves as both the CEO and CIO. His firms’ GAA Systematic Global Macro Fund was recently named one of the top 100 hedge funds by Barron’s.
Ramsey came under scrutiny in 2017 when the Courier Journal discovered that he had sold his Anchorage mansion to Bevin for a price that is now half of what it is valued by the Jefferson County Property Valuation Administrator’s office.