Adam Crum absent from closing bell ceremony promoted by Adam Crum

I wrote here last week about how Revenue Commissioner Adam Crum is promoting a private investment fund and claiming it is sponsored by the state.

The press release promoting this scheme was headlined, “Alaska Commissioner of Revenue Adam Crum and Prospr Aligned Announce Launch of the Frontier Economic Fund.”

It said, “Alaska Commissioner of Revenue Adam Crum, in partnership with Prospr Aligned, announced the launch of The Frontier Economic Fund (NYSE: AKAF), a new investment vehicle focused on companies driving sustainable growth, local job creation, and long-term investment across Alaska.”

At the very least this creates an appearance of impropriety.

Crum, who considers himself governor material, hasn’t posted on the revenue website about this partnership.

The private companies involved in this venture—Vident Asset Management and Prospr Aligned—said that they and the State of Alaska celebrated the launch of the Frontier Economic Fund by ringing the closing bell at the New York Stock Exchange Wednesday.

“The New York Stock Exchange welcomes executives and guests of the State of Alaska, Prospr Aligned & Vident Asset Management to celebrate the launch of The Frontier Economic Fund (NYSE: AKAF). To honor the occasion, Derek Kreifels, Chief Executive Officer of Prospr Aligned, will ring the closing bell,” the NYSE said.

Below is a picture of the celebration. Adam Crum is not part of the photo opportunity.

I don’t know the people pictured, but one source tells me there are are least two Alaska lobbyists and a legislative staffer in the group in New York.

The company sent out invitations weeks ago saying Crum would be a featured speaker, along with Kreifels, founder of Prospyr Aligned, and Vince Birley, CEO of Vident Asset Managment.

Perhaps Crum sent someone in his place or he decided not to go, having discovered the statewide freeze on out-of-state travel instituted with great fanfare by Gov. Mike Dunleavy on May 9.

Kreifels wants to inject right-wing politics into investments and wants to allow institutions to invest in way that align with their “values.” The fund claims to “align with Alaska’s economic vision and the companies helping to fulfill it.”

Whose values? Whose vision? Dunleavy’s? Crum’s?

It claims to have a “rules-based gateway to companies driving the economic engine of the 49th state.”

Whose rules?

Crum is a trustee of the Alaska Permanent Fund, and he referred the promoters of the Frontier Economic Fund to the staff of the Permanent Fund. Fund executives said they had a meeting, but did not invest.

Here is the prospectus for the fund.

Crum and Kreifels are members of a mutual admiration society. 

“Adam Crum is a great leader and public servant!” Kreifels said on X last year when the State Financial Officers Foundation gave Crum the “rising star award.”

Crum is vice chair of the foundation, which was co-founded by Kreifels, who remains on the board of directors.

The foundation boasted July 2 that Crum’s “visionary leadership is driving economic growth with the launch of The Frontier Economic Fund.”

“Commissioner Crum’s track record of managing complex challenges and boosting Alaska’s prosperity now includes creating new investment opportunities that build local jobs and sustainable futures,” the Crum/Kreifels admiration society said.

We need to hear an explanation from Crum, the governor and the Permanent Fund about whether Crum is advancing a plan to invest state money in this enterprise.

Kreifels and Birley both registered as lobbyists this year with the state.

Someone or some group has put $1 million into the new fund to get it started.

The fund tracks an index of more than 130 companies, including many household names that do not rise and fall with the Alaska economy. The top 10 largest enterprises in the index today are Royal Caribbean, General Electric, Uber, DoorDash, Exxon, Kinross, ConocoPhillips, FedEx, UPS and Santos.

Here is the closing bell ceremony posted by the New York Stock Exchange, with 40 seconds of clapping.

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