News

SERS begins search for new investment manager

Written by The Associated Press | Dec 11, 2013 2:05 PM
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(Harrisburg) -- Pennsylvania's state employee pension fund is launching a search to replace its chief investment officer, who quit recently after being the target of unspecified allegations.

The State Employees' Retirement Board also rejected a motion to stop investment decisions while it examines the facts surrounding the departure of investment manager Tony Clark.

The board has put Senator Chuck McIlhinney at the head of a committee to search for Clark's replacement.

Clark announced he'd retire at the end of this month after being put on paid leave.

He's spent nearly three years at the job that pays $270,000 annually.

SERS is looking for help in dealing with unspecified allegations against Clark.

It's voted to authorize its auditors to recommend ``independent professional services'' to assess the allegations against Clark.    

The outside help will also review the ``due diligence'' procedures the pension system uses when it is considering making investments.      

The agency hasn't disclosed the nature of the claims against Clark, but urged people not to draw conclusions before an independent investigation is complete

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