San Bernardino County (Calif.) Employees' Retirement Association hired Ralph Andersen & Associates, an executive search firm, as the $7.4 billion pension fund looks for a new CEO, confirmed spokeswoman Sierra Orr.
CEO Norm Ruggles retired Nov. 20 to move back to his home state of Colorado. Ex-officio board member Larry Walker was named managing trustee and will serve without compensation, Ms. Orr said in an e-mail.
Separately, the pension fund terminated a $20 million commodities portfolio managed by Gresham Investment Management. It recently decreased its allocation to commodities and decided to consolidate managers.
Also, the pension fund committed an additional $25 million to Tennenbaum Waterman Fund, a direct lending fund managed by Tennenbaum Capital Partners. It committed $45 million to the fund in July 2012.