Tosh, who has been CIO for KRS for over three years, has accepted a position in private industry.
According to the announcement, Brent Aldridge, Director of Alternative Assets, will assume interim duties as CIO. Aldridge has over 19 years of experience with KRS investments and manages the most complicated asset class in the portfolio.
KRS said it will begin the process immediately to retain the services of a national executive search firm to assist with hiring a new CIO.
According to the Lexington Herald-Leader, KRS provides pensions and health insurance for about 88,000 retired state and county employees and state police and their beneficiaries. It has experienced several difficult years, in part because of losses incurred in the economic recession, dropping from $16 billion the month Tosh was hired to less than $11 billion by the end of 2009.A report commissioned by Governor Steve Beshear in 2008 criticized KRS for “significantly underperforming” as compared with its peer group, and said KRS needs more financial investment expertise in its leadership, the news report said. Currently, only two of the nine trustees who oversee the agency have such expertise.