Searches and Hires

San Mateo County sticks with Verus

San Mateo County Employees' Retirement Association, Redwood City Calif., rehired Verus Advisory as its general investment consultant, pending successful contract negotiations, said an announcement on the $3.8 billion pension fund's website.

An RFP was issued in January. The reason for the search could not be learned by press time.

Separately, the pension fund returned a net 12.6% for the fiscal year ended June 30, matching its policy benchmark.

Public equity returned 18.6%; alternatives, 17.1%; fixed income, 7.2%; inflation hedge, 5.9%; and risk parity, 4.1%.

As of June 30, the pension fund had an asset allocation of 24.2% U.S. equity, 22.3% fixed income, 19.4% international equity, 7.3% risk parity, 6.6% real estate, 6.3% private equity, 5.7% hedge funds, 4.7% liquid pool, 1.8% treasury inflation-protected securities, 1.3% private real assets, and the remainder in cash.

For the three, five and 10 years ended June 30, the pension fund returned an annualized 5.5%, 9.4% and 4.6%, respectively, vs. it benchmark returns of 5.3%, 9.2% and 5.5% in each of those periods.

Michael Coultrip, the retirement system's chief investment officer, could not immediately be reached for additional information.