James G. Nolan was named chief investment officer for the $35 billion Pennsylvania State Employees’ Retirement System, Harrisburg, confirmed Pamela Hile, a spokeswoman for the state pension plan.
He was previously acting CIO after Seth A. Kelly resigned from the postion in June.
Mr. Nolan was deputy CIO.
The PennSERS board appointed Mr. Nolan to the role at its meeting Wednesday.
Also at its meeting, the PennSERS board left its current assumed rate of investment return unchanged at 7%, compounded annually.
In addition, the board approved an updated policy target asset allocation which lowered its target allocation to real estate by 1 percentage point to 7%, increased public equities by 6 percentage points to 50%, and reduced Treasury inflation-protected securities by 1 percentage point to 3%.
The board also selected Korn Ferry as its actuary for the next five years. The board launched a search in December because its current contract with Korn Ferry was set to expire on June 30.