PSERS Signs Verus in ‘Emergency’ Hiring to Handle CIO Duties



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

The New Zealand Pension Fund announced a $ 17.5 million bitcoin (BTC) investment in October



It has emerged that a New Zealand fund manager invested $ 17.5 million worth of Bitcoin in October 2020, when BTC was around $ 10,000. According to James Grigor, the company’s Chief Investment Officer, KiwiSaver Growth Strategy recently invested 5% of its money in Bitcoin.

While several investors from KiwiSaver are unhappy with the decision, Grigor believes Bitcoin has become a commodity similar to gold and has many similar features, such as working as a store of value against Fiat hyperinflation. The official told New Zealand news agency stuff:

Author(s): Tahsin

Publication Date: 28 March 2021

Publication Site: 1olay