The San Diego County Employees' Retirement Association will issue RFPs within the next week for a general consultant as well as a special consultant for the pension fund's $1.5 billion portable-alpha strategy, said Brian White, CEO. The RFPs will be posted on the fund's website at www.sdcera.org. Officials at the $7.7 billion association plan to hire new consultants to replace general consultant Rocaton Investment Advisors, which resigned following the implosion of multistrategy hedge fund Amaranth Advisors. The system lost $105 million of its $175 million investment with Amaranth.
Sources said Cliffwater, which already consults to the San Diego fund on specialized asset classes, will serve as general consultant in the interim. Mr. White declined to confirm the association was turning to Cliffwater but said the plan was close to reaching an agreement with an unnamed firm to provide consulting services.