San Diego County Employees Retirement System hired Cliffwater as a consultant to oversee its $285 million managed futures and $500 million currency overlay strategies. David Deutsch, CIO of the $5.5 billion fund, said Cliffwater will monitor the managers of those strategies, make strategic recommendations and hire managers when necessary. The fund's general investment consultant remains Cambridge Associates.
Separately, the system's board by Jan. 6 is expected to select its first external law firm to provide investment-related legal services, said Mr. Deutsche. The deadline for the search has passed.