The $64 billion Pennsylvania Public Schools’ Retirement System made the “emergency” hiring of an outside manager yesterday to take on the duties of chief investment officer James Grossman, the Philadelphia Inquirer reports.
Seattle-based Verus Investments will now handle “monitoring and oversight of investment” as the embattled pension system deals with “internal and external investigations,” including an FBI probe into its investing, PSERS says.
The fund’s investment of millions of dollars in real estate deals in Harrisburg is under federal investigation, while outside lawyers are looking into an “error” that inflated PSERS’ investment returns.
Author(s): Kathleen Laverty
Publication Date: 21 April 2021
Publication Site: FundFire