Grant To Step Down as CIO; VRS Board Begins CIO Search

RICHMOND, VA Sept. 1, 2010– Virginia Retirement System (VRS) Chief Investment Officer (CIO) Charles W. Grant today announced that he will not consider reappointment to his position at the expiration of his contract in August 2011. The VRS Board of Trustees will begin a search immediately for a new CIO.

“I am honored and appreciate the opportunity to have served as the CIO of VRS. In my opinion, this is the best public fund CIO position in the country due to VRS’ excellent governance framework, an outstanding investment team and a supportive board. My decision to step down is due purely to family reasons and the desire to dedicate more time to them,” said Grant.

“I thank the board members for the confidence that they have placed in me during my tenure. I also wish to thank the staff for their outstanding support and professionalism. I will stay on in this position until the board makes its decision regarding the selection of a new CIO, and I will provide any assistance in effecting a smooth leadership transition,” added Grant.

During Grant’s leadership of the VRS investment program, the fund took a number of important initiatives, including significant additions to internally managed portfolios, the growth of credit strategies as an asset class and strategy, the establishment of a global equity benchmark for public equities and substantial development of internal research and risk management programs. Grant joined VRS in 1995 as an investment funds manager. In 1998 he became a VRS managing director, followed by the deputy chief investment officer. In March 2005 the VRS Board named Grant as acting chief investment officer, and in August 2005 he was promoted to chief investment officer.

“We appreciate Charles’ outstanding leadership as CIO over the last five years. The board is committed to maintaining the level of investment excellence set by Charles. We are confident we will attract a very high-quality individual who can successfully execute the fund’s long-term investment plan, while providing excellent leadership and continuity to the investment team” said VRS Board Chair Diana F. Cantor.

VRS serves approximately 600,000 members, retirees and beneficiaries. The active employees include about 148,000 teachers, 104,000 local government employees and about 89,000 state employees. In addition, VRS provides benefits to over 148,000 retirees and beneficiaries. The retirement system ranks as the nation’s 22nd largest public or private pension fund.