David Durbin was named acting executive director of the $24 billion Pennsylvania State Employees' Retirement System, Harrisburg, confirmed spokeswoman Heather Tyler in an e-mail.
Mr. Durbin is expected to be named executive director in six months, but will hold the acting tag until then, Ms. Tyler wrote. He will succeed Leonard Knepp, who announced in July his intention to retire as executive director at the end of this year.
Mr. Durbin was director of member services.
Separately, the system committed $250 million each to hedge funds Tiger Management Advisors and Entrust Capital.
It is the beginning of a new “diversifying assets” program for the system, using fund-of-one limited partnerships to target equity-like returns, according to a news release. The commitments will be funded from cash and redemptions from the system's absolute-return portfolio.
Also, the system announced a third-quarter return of -4.4% as of Sept. 30.