San Joaquin County Employees' Retirement Association, Stockton...

San Joaquin County Employees' Retirement Association, Stockton, Calif., hired Miller Global Properties to manage $15 million in opportunistic real estate, subject to contract negotiations, said Robert Palmer, retirement administrator. If approved, 90% of the assets will come from a $565 million bond portfolio managed by Dodge & Cox; the remainder will come from one of the fund's external domestic equity managers. The hiring would mark the final step in the $1.7 billion pension fund's first move into real estate. Over the past 18 months, the fund has been moving toward a 7% real estate target, Mr. Palmer explained.