Pacific Corporate Group withdrew its proposal to be the new alternatives consultant for the San Francisco City & County Employees Retirement System even though PCG had been selected by the $11 billion system pending successful contract negotiations, said Clare Murphy, executive director. PCG give no explanation, she added. Chris Bower, CEO at PCG, did not return phone calls by press time.
At the systems June 4 board meeting, staff will make a recommendation on whether an alternatives consultant is actually needed, said Al Casciato, board president. Pending the recommendation, the board will decide whether to issue a new RFP.
Cambridge Associates, the systems consultant since 1988, when the alternatives program started, was terminated as of March 31, although staff and half the board favored Cambridge.
Separately, the system retained Townsend Group as its real estate consultant for four years. It also retained Cooper Consultants to create performance evaluation criteria for a general, an alternative and a real estate consultant and to facilitate year-end evaluations.