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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%.
Amid PSERS troubles, Pa lawmakers may be ready for pension reform msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Pennsylvania State Employees' Retirement System, Harrisburg, approved a commitment of up to $50 million to Insight Partners XII, a growth equity fund managed by Insight Partners.
The fund targets global investments in software, software-enabled services, and Internet businesses in the U.S.,…
Pennsylvania State Employees returns 11.1% in 2020
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Pennsylvania State Employees Retirement System, Harrisburg, posted a net return of 11.1% for the year ended Dec. 31, the $34.5 billion pension fund announced.
For the year ended Dec. 31, 2019, the pension fund had returned a net 18.8%.
PennSERS portfolio reached $25.1 billion in late March amid the coronavirus pandemic, its lowest point during the year. Shortly thereafter, the board temporarily expanded the chief investment officer s authority to execute certain investment actions on the board s behalf for the rest of the year, which allowed the CIO to manage cash and adjust public market holdings, as needed.
Seth A. Kelly, CIO of PennSERS, said in a news release announcing the pension fund s annual return that the past year brought an array of unprecedented challenges, mostly resulting from the COVID pandemic, before adding: Initially, the financial markets experienced a great deal of volatility, but managed to recov