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James G. Nolan was named chief investment officer for the $35 billion Pennsylvania State Employees’ Retirement System, Harrisburg.
He was previously acting CIO after
Seth A. Kelly resigned from the position in June.
Mr. Nolan was deputy CIO.
The PennSERS board appointed Mr. Nolan to the role at its meeting Wednesday.
Also at its meeting, the PennSERS board left its current assumed rate of investment return unchanged at 7%, compounded annually.
In addition, the board approved an updated policy target asset allocation which lowered its target allocation to real estate by 1% and increased its allocation to public equities by 6%.
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