San Diego City Employees' Retirement System could adopt a new asset allocation as early as Sept. 30, according to a work plan developed by the $3.7 billion system.
An asset/liability study could begin by the system board's July 8 meeting. Ennis Knupp, the system's general consultant, is assisting.
Separately, the system at its May 28 meeting adopted new strategic and investment plans for its $357 million real estate portfolio, bulking up its core target to 60% from 50% and cutting non-core to 40% from 50%. System officials added investment ranges of 50% to 70% for core and 30% to 50% for non-core. The system has an 11% target real estate allocation.
In line with the new plans, $30 million each was committed to two open-end core commingled funds, the J.P. Morgan Strategic Property fund and the UBS Trumbull Property fund, and $75 million was added to the Invesco Real Estate separate account, raising it to $152 million.
Real estate consultant Townsend Group assisted.