San Francisco City & County Employees’ Retirement System will review its asset allocation and manager structure in early to mid-2002, said David Kushner, deputy director for investments. Mr. Kushner said the $10.4 billion pension fund will examine the large number of external managers used by the fund, especially in alternatives. The fund’s policy asset mix is 50% equities, 30% fixed-income, 12% alternatives, and 8% real estate. The current equity exposure is 42.5%.
The board also hired Cooper Consultants to search for a general investment consultant. The RFP should be issued by the end of November. Current consultant Angeles Investment Advisors’ contract expires Dec. 31.
The system also belatedly posted its RFP for a consultant for its $1.4 billion alternatives portfolio. Proposals are due by 5 p.m. PST Nov. 29. Cambridge is the current consultant.
Separately, the system hired Ashmore Investment Management to run a $75 million short-duration local currency emerging markets debt portfolio, and agreed to invest $20 million in OCM Opportunities Fund IV, a distressed debt fund run by Oaktree Capital Management.Funding for Ashmore will come from other fixed-income portfolios.
