Indiana Public Employees' Retirement Fund, Indianapolis, is searching for a chief investment officer to replace Patricia J. Gerrick at the $9.7 billion fund. "Circumstances were created where I had to resign," said Ms. Gerrick, who left in October.
"My performance was very good. I was the first CIO. I built the first investment staff. When I joined, the fund was in the bottom quartile (in performance) and now it is in the top quartile. It was not performance-related. There was nothing I did illegal or improper. I didn't do anything wrong," she said.
"I'm looking at a number of options" for employment, she added.
"The official line is she resigned," said Patrick Lane, communications director. Craig E. Hartzer, executive director, couldn't be reached for comment. "Obviously, that (CIO) is a key position at the fund," Mr. Lane said.
"Craig has been building a team," Mr. Lane said "Pat was pretty much the last of the former team" assembled under Mr. Hartzer's predecessor, E. William Butler. Mr. Hartzer became executive director in February.
"The board will be definitely discussing this (CIO search) in depth ... in terms of qualifications, parameters, timeline" at its meeting Nov. 14, Mr. Lane said. He said the fund may hire an executive recruiting firm.
No interim CIO has been appointed. Other fund officials declined to comment or couldn't be reached.