US - The $37.6bn Virginia Retirement System (VRS) has appointed Larry Kochard as its new managing director of public equities.
Kochard takes up his post as managing director of public equities having previously served as a member of the fund's investment advisory committee. He replaces Erwin Will, who will become a consultant to the VRS.
Earlier this week, the VRS announced that it had registered its first loss for 17 years. During the 2001 financial year the pension fund lost $3bn, a loss it attributes to the troubled equity markets. Currently, the VRS has $18.1bn invested in US stocks; $5.5bn in international equities; $9.2bn in fixed income; $1.7bn in real estate, and $2.5bn in private equity.
By Geoffrey Ho
A handful of industry heavyweights have begun trialling a so-called 'mid-life MOT', with positive initial results reported by all those involved.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.