Chairman of the Pennsylvania State Employees Retirement System (SERS) Nicholas Maiale has decided to step down not long after CIO Tony Clark was accused of misconduct.
Clark, who allegedly hid performance information for one of the fund’s investments from the board and used his computer for personal ‘day trading’, resigned in December.
“I believe that SERS board and staff has done an outstanding job serving the retirees, state employees and taxpayers of Pennsylvania,” Maiale said in a letter to Pennsylvania governor Tom Corbett.
“Despite the underfunding, caused by a variety of factors, the fund is secure and able to meet its obligations in the years to come.”
Maiale also said that Clark did “a real good job” and some people politicised the situation.
He said that he would step down on January 3 and resign from the board at the conclusion of the regularly scheduled SERS board meeting on January 22.
In October last year AltAssets reported that SERS committed $200m to four private equity funds.
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