San Francisco City & County Retirement System retained Northern Trust as master custodian; consultant Angeles assisted. The $9.7 billion system also hired Advent Capital Management to run $100 million in convertibles; it is still negotiating with another unnamed convertibles manager to run $60 million. Funding for both portfolios came from domestic equities.
Separately, the system will issue an RFP next week for an alternatives investment consultant. Incumbent Cambridge Associates contract expires June 1; it will be eligible to bid on the new five-year contract. Cambridge signed a one-year contract after Pacific Corporate Group, selected as alternatives consultant a year ago, withdrew because of the boards debate over fees and charges of political ties.