Personal Capital Advisors, a $7.9 billion RIA/digital advice hybrid, has named Craig Birk as the company’s first chief investment officer, the company announced Wednesday.
The hire is an internal move, as Birk has served as the firm’s executive vice president of portfolio management since he joined the firm in 2011. He previously worked as an assistant director of research at Fisher Investments from 1997 to 2009, according to his LinkedIn profile.
‘It's great to work with a team that understands and leverages the power of technology to transform financial futures,’ Birk said in a statement.
Founded in 2010 and backed by venture capital firm Institutional Venture Partners, San Francisco, Calif.-based Personal Capital offers a free financial dashboard to its customers in addition to its advisory services. The company manages around $4.7 billion for retail investors and $3.2 billion for high net worth individuals, according to a form ADV it filed with the Securities and Exchange Commission.
‘Craig's leadership and vision for creating optimal portfolio construction will help strengthen our commitment to investors in providing the highest quality of financial expertise,’ Personal Capital chief executive officer Jay Shah said in a statement.
Personal Capital does not use any outside managers, according to its Form ADV, instead opting to use bespoke ‘personal strategies,’ which invest globally in individual equities and ETFs.
‘Our unique smart index weighting approach adds further diversification and potential return by ensuring exposure to all areas of the US stock market while avoiding being overweight to high risk segments,’ the company said.