San Francisco City & County Employees' Retirement System voted to give...

San Francisco City & County Employees' Retirement System voted to give its staff discretion to rebalance its portfolio within set ranges. Previously, the board of the $10.5 billion system had approved rebalancing changes on a quarterly basis, which was "suboptimal," said Leslie Kautz, principal at consultant Angeles Investment Advisors. The new method should improve returns by the "tens of basis points," she said.