Pennsylvania State Employees’ Retirement System CIO resigns

investigation

The chief investment officer of the Pennsylvania State Employees’ Retirement System, one of the oldest and most prolific public system limited partners in the private equity industry, has resigned effective Dec. 31.

Anthony Clark, who took over the role in 2011, had been locked out of his office and pushed into personal leave by the system after informal allegations were made against him, according to a statement from the PA SERS board.

Clark was approved for a $20,000 raise earlier this year as an employee who was “undervalued,” the PA SERS board chairman Nicholas Maiale said at the time.

At the board meeting on Dec. 11, the PA SERS board authorized the system’s internal audit division, under supervision of the board, to recommend independent professional services to provide an “assessment of and advice about how to proceed with regard to allegations as well as to ensure an independent and exhaustive review of SERS’ due diligence process within the investment program,” according to a PA SERS spokesperson.

Meanwhile, the system’s deputy CIO, Tim Brier, represented the investment office at the board meeting, while Pennsylvania Senator Charles McIlhinney, a member of the PA SERS board, was given responsibility for leading a search for a new CIO, the spokesperson said.

The spokesperson declined to provide any details about the allegations.

Photo courtesy of Shutterstock.

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