Virginia Retirement System’s outgoing chief investment officer recommended a single policy allocation at the board of trustee’s monthly meeting Thursday.
“I think it’s time to move on to a single benchmark around which there is more flexibility,” said Charles W. Grant, whose contract ends in August.
The Richmond-based board adopted a policy in June 2010 to change its long-term asset allocation target to 60% equities and 40% fixed income from 70/30. The board also adopted a more flexible rebalancing policy for its intermediate target at the same time, Mr. Grant said.
The board will consider the recommendation at future meetings.
Final interviews for Mr. Grant’s replacement are scheduled for early July.
VRS, which had $53.7 billion assets under management as of June 6, has been working with Korn/Ferry International on the CIO search.