Feb 19, 2016 1 min read

To keep its pulse on worldwide financial markets and trends, the Washington County Retirement Board agreed to hire Acadian Asset Management, founded in Boston in 1986, as a fund manager for global equity volatility and allocated between 8 and 10 percent of its portfolio, based on its investment policy statement and market conditions.

Jack W. Gastler, senior vice president, said his firm performs similar duties for Dauphin, Lancaster and York counties.

The board meets quarterly, and Thursday was its first meeting of the year. The Washington County employee pension fund contained $137 million as of the end of January.

The board also decided to have its investment management consultant, Peirce Park Group of West Chester, perform an asset liability study at a cost of $25,000 as a tool to provide insight into possible scenarios, allow the board to examine pension risks and set policies accordingly.

State law requires public employees have a defined-benefit pension plan.

Voting in favor of each motion were Washington County Commission Vice Chairman Diana Irey Vaughan, Commissioner Harlan Shober, Treasurer Francis King and Controller Michael Namie.

Commission Chairman Larry Maggi was absent because he was attending the funeral of a family member.