Charles W. Grant, chief investment officer of the $47.7 billion Virginia Retirement System, Richmond, will retire when his contract expires in August 2011, the system announced Wednesday.
“My decision to step down is due purely to family reasons and the desire to dedicate more time to them,” Mr. Grant said in a VRS news release.
The VRS board has launched a search for a new CIO, the news release said.
Mr. Grant was named CIO in August in 2005, replacing Nancy Everett, who left to become CIO of General Motors Asset Management. He joined VRS as an investment funds manager in 1995.
Jeanne Chenault, a system spokeswoman, said additional details about why he is stepping down aren’t available. “There is no further comment other than being due to his dedication to his family,” Ms. Chenault said.
Mr. Grant did not returned phone calls by press time for comment.
Ms. Chenault said the VRS board is planning to conduct the search for a successor without using an executive search firm. “We’re going to advertise it, and that should be going pretty quickly,” she said.
Separately, the system had a 14.1% return on investment for the fiscal year ended June 30, confirmed Ms. Chenault. The custom benchmark return for similar investments over the fiscal year was 15.3%, Ms. Chenault said.
The three-year annualized return was -4.9% and the five-year annualized return was 3.1%, both as of June 30, according to a separate VRS news release.
The fund’s public equity program returned 14.8% for the year ended June 30, for a total portfolio size of $21.3 billion, while the fixed-income portfolio returned 14.2%, to $10.6 billion, the news release said. The credit strategies program returned 22.2%, to $7.8 billion, while private equity returned 17.3%, to $4.3 billion, and real estate returned 1.5%, to $3.1 billion, the news release said.
“We are pleased with last year’s performance, especially in light of a number of defensive positions initiated in the portfolio over the last few years,” Mr. Grant said in the news release.