The $72.5 billion Pennsylvania Public School Employees’ Retirement System (PSERS) has selected Bob Devine, formerly the fixed income managing director of the pension fund, as its acting CIO.
Devine will fill the role while PSERS’ board conducts a nationwide search to find a permanent replacement for former CIO Jim Grossman, who announced his retirement in November after 24 years with the pension fund.
As planned, Grossman transitioned to a senior-adviser position on Dec. 9, and will officially retire on May 1, 2022.
As acting CIO, Devine will oversee a staff of 50 internal investment professionals and multiple contracted external managers who invest the system’s $72.5 billion in assets.
“From a personal standpoint, I know it will be hard to follow Jim Grossman, a friend and colleague who taught me invaluable lessons about investing assets and managing people,” said Devine. “I want PSERS’ investment
