Penn SERS Hires PBGC Deputy to Lead Investments
February 15, 2011
The Pennsylvania State Employees’ Retirement System (SERS) has hired the Pension Benefit Guaranty Corporation (PBGC) Deputy CIO Anthony Clark to serve as its new permanent lead investment officer.
Clark, who presently holds the deputy investment duties for the Washington-based federal pension agency’s nearly $65 billion investment program, was tapped yesterday by the SERS Board to serve as permanent successor to prior CIO John Winchester. Clark accepted the appointment today; he will start April 4, the Feb. 15 announcement said.
SERS Board Chairman Nicholas Maiale explained in his comments that Clark’s “mix of experiences” in “managing a large fund, along with a mix of organizational management and government relations experience” made him an outlier in the national search.
Alternately, Clark disclosed that he looks “forward to working with the Board and staff to address liquidity needs while also working through the unique funding challenges the System has faced for more than a decade.”
Previously, in October, Robert Gentzel, PSERS director of communications, confirmed to IMMP that Winchester was departing after serving for three years as its CIO, and 14-years with 220,000-member system.
Approximately a day later, the Harrisburg-based Board’s Chairman named deputy CIO Tom Brier as the nearly $24 billion portfolio’s interim lead investment shot caller. At the time, it was disclosed that Winchester would retire in January.
As of press time, calls placed to the PBGC seeking information on its future plans regarding Clark’s departure remain unreturned. Presently, the PBGC guarantees pension benefits to more than 44 million Americans in over 27,500 private sector defined benefit pension plans.
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