HARRISBURG, Pa. (HedgeWorld.com)–Eric Henry, executive director for the New Hampshire Retirement System, will become the executive director of the Pennsylvania State Employees’ Retirement System on June 28.
Mr. Henry replaces current SERS executive director John R. Brosius, who held the post for 20 years. Under his watch, the US$25 billion pension fund made its first allocation– US$1.7 billion–to hedge funds.
The pension fund initially hired: Blackstone Alternative Asset Management LP, New York; Pacific Alternative Asset Management Co., Irvine, Calif.; and Morgan Stanley Alternative Investment Partners LP, New York. Morgan Stanley also was hired to implement an equity overlay for the absolute return fund of funds program. As of year-end 2003, the program committed US$2.7 billion to hedge funds and added Mesirow Advanced Strategies to its stable of funds of funds.
SERS’ independent consultant has concluded that diversifying the fund’s investments with hedge funds is expected to save more than US$5 billion in state contributions over the next 30 years (see ).