Pennsylvania State Employees' Retirement System, Harrisburg, appointed Thomas F. Brier as acting chief investment officer at its board meeting Wednesday, confirmed Pamela Hile, spokeswoman for the $27 billion pension fund.
Mr. Brier replaces Anthony S. Clark, who retired Dec. 31 amid allegations of withholding information on a deal involving one of the pension fund’s money managers and conducting personal business from his state office.
Mr. Brier was previously deputy CIO. He will remain acting CIO until a new CIO is hired.
Also at the meeting, the pension fund reported a net return of 4.5% for the fourth quarter of 2013 and a return of 13.6% for the year. Returns for the fourth quarter were global public equity at 7.4% (26.3% for the year); alternatives, 4.8% (12.8%); hedge funds, 3.6% (11.2%); real assets, 3.4% (8%); liquidity reserve, 0.1% (0.3%); and fixed income, -0.2% (-2.2%).
The board also approved a one-year extension through June 30, 2015, to its existing contract with KPMG for audit and related services.