SEARCHES & HIRINGS
The $1.7 billion Contra Costa County (Calif.) Employees' Retirement Association is searching for a timber manager and is expanding its commission recapture program.
The investment committee recommended Monday choosing a manager to handle a timber allocation of $15 million to $30 million. Consultant Dorn, Helliesen & Cottle issued an RFI for timber managers who have funds available. The board will review finalists in December, said Patricia Weigert, retirement administrator.
The fund also recently selected Brinson Partners as alternative investment adviser to oversee a $25 million to $30 million allocation to a private equity fund of funds. The assets come from cash; Dorn, Helliesen & Cottle assisted in both searches.
The fund's investment committee also recommended expanding its 2-year-old commission recapture program from the current seven brokers to 20. The brokers will handle each trade for 2 to 2.5 cents; any commission over that will be remitted to the investment manager's custodial account, where it will show in the manager's performance. The fund uses no soft dollars. The full board will vote on the timber and commission recapture recommendations Nov. 14.