Friday, March 6, 2015

Corbett names one of their own to oversee money manager hiring at SERS

Glenn Becker of Swarthmore Group is new SERS chair

Corbett names one of their own to oversee money manager hiring at SERS

Glenn Becker, a professional money manager who currently works for Delaware County-based Swarthmore Group, has been named by Pa. Gov. Tom Corbett from among his fellow board members to serve as the new board chairman of the $25 billion asset Pennsylvania State Employees' Retirement System, replacing Nicholas Maiale, who resigned after 22 years after his chief investment officer quit during an investigation. 

Becker will oversee the governing board that signs off on hiring money managers for the pension system, where profits in recent years have failed to keep pace with growing future pension obligations, forcing higher payments to the fund from the state's taxpayers. Before joining Swarthmore, Becker worked at Skippack Investment Advisers and at the former Miller Anderson & Sherrerd, West Conshohocken, now part of Morgan Stanley. A Drexel graduate who invests funds for Germantown Academy, he is also chairman of Impact Thrift Store Inc.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

Joseph N. DiStefano
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