Searches and Hires

Merced County Employees switches to Meketa as investment consultant

Merced County (Calif.) Employees' Retirement Association hired Meketa Investment Group as investment consultant, pending contract negotiations, said Kristen Santos, retirement plan administrator, in an email.

The $750 million pension fund issued an RFP in November due to the pending contract expiration of current consultant Verus Advisory in March 2018. Verus did rebid for the services. There were no other finalists, Ms. Santos said.

The pension fund's target allocation is 27% domestic equities, 17% domestic fixed income, 16% international equities, 9% private equity, 8% real estate, 7% emerging markets equities, 6% real assets, and 5% each bank loans and hedge funds.

As of Sept. 30, the actual allocation was 31.1% domestic equities, 18.4% international equities, 16.1% domestic fixed income, 7.7% emerging markets equities, 7.1% real estate, 6.3% real assets, 4.6% each, bank loans and private equity, 3% hedge funds and 1.1% cash.