Challenges:

‍The Fund faced several pressing issues:

• Investment performance in the 4th quartile.
• Inexperienced Board of Directors following the merger.
• Low morale and poor teamwork exacerbated by external political pressures and mismanagement.
• Inefficient communication and decision-making processes.

Solution and Implementation:

‍Britt Harris's appointment as Acting CEO marked the beginning of an aggressive restructuring plan called the "Trains to Excellence Project." This initiative was broken down into several strategic areas:

1. Culture Train:
   • Developed a new set of core values to redefine the organizational culture.
   • Conducted extensive training sessions to enhance leadership skills and foster a collaborative environment.
   • Implemented regular town hall meetings to ensure transparency and open lines of communication across all levels.
2. Investments Train:
   • Split the investment strategies into two distinct cars: Beta (passive) and Alpha (active).
   • Overhauled the investment decision-making process to align with best practices and modern financial theories.
   • Introduced sophisticated analytical tools and investment software to better manage risks and explore new market opportunities.
   • Introduced the proprietary 9Box investment model to guide asset allocation.
3. Operations Train:
   • Streamlined finance and IT operations to improve efficiency and reduce costs.
   • Upgraded technology infrastructure to support robust data analysis and secure financial transactions.
   • Implemented new compliance and governance structures to meet and exceed regulatory standards.
4. Support Train:
   • Revamped the HR policies to improve hiring practices and employee benefits, aiming to attract and retain top talent.
   • Legal and communications teams were restructured to better support internal needs and handle external communications more effectively.‍

‍Objectives and Goals:

‍Britt Harris wrote 27 specific objectives targeting these areas, which were vetted and approved by the board. The objectives focused on realigning the fund’s strategy with its historic mission while ensuring financial prudence and operational efficiency.

Outcomes:

• The project led to the fastest turnaround of a large investment company in history, achieved within six months.
• The revamping of investment processes included the introduction of OEW’s proven investment models, which significantly enhanced the fund's returns.
• A renewed organizational culture and alignment between the board and the investment team were established, improving overall morale and operational cohesion.‍

‍The transformative actions led by Britt Harris not only stabilized the fund but also positioned it for future growth and success. These achievements are now being considered for inclusion in a Harvard Case Study, highlighting the effectiveness and rapid impact of the implemented strategies.

This case study showcases a well-orchestrated turnaround strategy that effectively addressed complex challenges through strategic leadership, operational excellence, and a strong focus on cultural transformation.

"The comprehensive reforms initiated under your leadership have rejuvenated the TPSF, aligning our operations with our mission and significantly boosting our performance. Your visionary approach has not only secured the future of the fund but has also set a benchmark for public fund management.” - Tom Maynard, TPSF Chairman of the Board