Nancy C. Everett was named CIO of the $29.1 billion Virginia Retirement System, Richmond. Ms. Everett's appointment is effective Dec. 16, the day after Erwin H. Will Jr., CIO, retires. Ms. Everett has been deputy CIO since August 1996.
Separately, trustees agreed to develop a formal policy on periodically rebalancing the investment portfolio. Currently, ''We just kind of do it whenever it needs to be done,'' Ms. Everett said.
The system, whose domestic fixed-income exposure exceeds its targeted 25% of assets by $800 million, plans to move the excess from domestic fixed-income into passive domestic equities over the next several months, she said.
Trustees also will invest $157.5 million with three existing venture capital managers: Olympus Growth Fund III, $50 million; Welsh, Carson, Anderson & Stowe VIII, $75 million; and New Enterprise Associates VIII, $32.5 million.
Funding will come from cash.