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San Diego Pension’s Risk Reduction Yields Mixed Short-Term Results

A series of investment policy changes made by the board of the San Diego County Employees Retirement Association (SDCERA) have saved the fund from losing tens of millions – but also prevented the fund from realizing tens of millions in returns during the third quarter. Pension funds are particularly long-term investors and no investment policy should ...
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Questions Raised About “Dual Structure” of Governance At San Diego Pension Fund

Most of the news surrounding the San Diego County Employees Retirement Association (SDCERA) has been about the board’s decision to move on from its outsourced CIO, Salient Partners. But also noteworthy are parts of SDCERA’s governance structure. At least one expert has raised concerns about the effectiveness of the fund’s “dual” reporting ...
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San Diego Pension Begins Transition To In-House CIO

The Board of the San Diego County Employees Retirement Association (SDCERA) moved closer on Thursday to firing Salient Partners, the firm that acts as the pension fund’s chief investment officer. Board members indicated that the firing was all but official, but that the transition to a new CIO still needs to be worked out. From Bloomberg: If the ...
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San Diego Pension Board Votes to Move CIO In-House; Approves Other Governance Changes

The San Diego County Employees Retirement Association formally voted on Friday to begin searching for an in-house chief investment officer to replace Salient Partners, the firm currently serving as the fund’s outsourced CIO. The board also made several changes in governance structure. From the San Diego Union-Tribune: Near the end of a two-day board ...
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San Diego Pension Close to Firing Outsourced CIO, Bringing Investment Management In-House

The San Diego County Employees Retirement Association (SDCERA) is on the verge of firing its controversial outsourced CIO, Lee Partridge of Salient Partners. Board members held a mock vote on the issue, and the firing was “approved” 7-0. If Salient Partners is indeed fired, the SDCERA would move its investment management in-house. More ...
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San Diego Fund Trustee May Have Breached Code of Ethics While Lobbying For CIO

The San Diego County Employees Retirement Association (SDCERA) board voted last week to retain its controversial chief investment officer, Lee Partridge, and his firm, Salient Partners. The vote was 5 to 4, and trustees on both sides of the vote were adamant about their position. But did one trustee go to0 far while lobbying to keep Partridge? Board ...
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San Diego Pension Trustees React To Retainment of Controversial CIO

The San Diego County Employees Retirement System (SDCERS) voted 5-4 last week to retain its controversial CIO, Lee Partridge. The vote was close, and nearly every trustee had something to say about the decision. From Bloomberg: “All the sudden we found out we have $22 billion in exposure,” [trustee Dianne] Jacob said by telephone prior to the vote. ...
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San Diego Fund Votes 5-4 To Retain Controversial CIO

After a “tense” five-hour deliberation, the Board of the San Diego County Employees Retirement Association (SDCERA) voted 5-4 to retain its outsourced chief investment officer. The pension fund and its CIO, Lee Partridge, have made headlines in recent months due to their high tolerance for risk and extensive use of leverage. From Chief Investment ...
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Controversial San Diego Fund Could Fire CIO Thursday, But Vote Will Be Close

The San Diego County Employees Retirement Association (SDCERA) has made headlines across the country for having maybe the highest risk tolerance of any pension fund in the country. Lee Partridge, the fund’s outsourced Chief Investment Officer, is permitted to use up to 500 percent leverage on portions of the portfolio. But the fund will vote Thursday ...
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San Diego Fund To Consider Firing Risk-Keen CIO

The San Diego County Employees Retirement System (SDCERS) is by now notorious for its risky investment strategies, which include heavy use of leverage. Pension360 has covered the pension fund’s board meetings this month, during which some trustees wondered aloud whether the fund should dial back risk. Now, the board is considering another item: whether ...
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