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Chief investment officer of Phila. pension fund resigns

Philadelphia's pension fund is losing its chief investment officer at the end of the month.

Philadelphia's pension fund is losing its chief investment officer at the end of the month.

Brad Woolworth, who took the helm last year, is leaving "for family reasons," said Rob Dubow, city finance director and chairman of the pension board.

Woolworth's last day is April 29.

"We are in an active search for his replacement," Dubow said in an email. "We have not discussed having an interim."

Woolworth, who has been with the city since 2009, was promoted to CIO last year when the former CIO, Sumit Handa, left for a private sector job.

The pension fund took a severe hit last year with its investments-- landing a .3 percent return on investment (the board had assumed a 7.8 percent return) and as of January, this fiscal year was looking even worse. In recent months Woolworth had been cutting some underperforming hedge funds out of the fund's portfolio.

The fund is $5.7 billion short of its $11 billion obligation to city workers' pensions, one of the worst funded in the country.

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