RICHMOND, Va., Sept. 9, 2011 /PRNewswire-USNewswire/ -- At its September meeting, the Virginia Retirement System Board of Trustees appointed Ronald D. Schmitz as the new chief investment officer of the $51 billion system. Schmitz will join the VRS investment team on October 31.
Since 2003, Schmitz has served as the chief investment officer for the $60 billion Oregon Public Employees Retirement System (Oregon PERS) and manages the investment activities for Oregon PERS, the State Accident Insurance Fund, the Common School Fund, the Oregon Growth Account and the Short Term Fund.
Commenting on his appointment, Schmitz said, "I look forward to joining an organization that garners a high level of respect in the investment community for its degree of professionalism and integrity, and has skillfully managed a large portfolio during the recent market downturn."
Before joining Oregon PERS, Schmitz served as chief investment officer for the Illinois State Board of Investment where he managed all aspects of the investment of pension assets for the general employee, judges and general assembly retirement systems. From 1988 to 1998, he served as director of investments for the BlueCross and BlueShield Association. In addition, he served with Stratford Advisory Group, Sears Roebuck & Company and Dart and Kraft, Inc.
"Ron brings strong investments experience with him, including a background in both the public- and private-sector investment community. The VRS board members look forward to working with him over the coming years to continue advancement of the VRS investment program and developing strategies that will maximize investment returns for the fund," said VRS Board Chairman Diana F. Cantor.
Current VRS Chief Investment Officer Charles Grant, whose contract expired in August, will remain with VRS to ensure a smooth transition for Schmitz.
Korn/Ferry International lead recruitment efforts for this position.
SOURCE Virginia Retirement System