A Quality Hire?

You can always tell a management team by their quality hires. This one falls into the category of it’s not what you know, but who you know.

The newly hired Kentucky Retirement Systems (KRS) Chief Investment Officer is Adam Tosh.

Tosh’s previous employer was MDL a firm being sued by the Ohio Attorney General for "fraudulent inducement, negligent nondisclosure, and constructive fraud”.

MDL managed blow $216 million dollars of Ohio Worker Compensation Funds in a Bermuda based hedge fund.

According to the current S&P money manager directory, Tosh is Sr. Investment Strategist, responsible for investment risk management at MDL and has worked at MDL since 2004.

Most of MDL’s major clients fired them after the Ohio case, so Tosh has been out of work for nearly a year. Prior to joining MDL in 2004 Tosh worked for the State of Pennsylvania.

MDL was founded by Mark Lay. Starting as a minority manager with county and city governments in Pennsylvania MDL later expanded to large public pensions in Illinois & Ohio.

Tosh’s father in law, Virgil F. Puskarich was Executive Director, Local Government Commission of the Pennsylvania General Assembly for over 20 years. Lay & MDL gave generously to Pennsylvania politicos especially in the General Assembly.

Puskarich was a national officer and 30 year active member of the National Conference of State Legislatures and became friends with Speaker of the House and Candidate for Governor Jody Richards.

KRS Executive Director Hanes has a 20 year plus relationship with Richards dating back to Warren County and his wife Diana Hanes has worked for Richards and the House Caucus for 15 years.

Tosh apparently was unemployable until his father-in-law’s buddy in Kentucky came through for him.