Don Pierce was named chief investment officer of the $6.06 billion San Bernardino County (Calif.) Employees’ Retirement Association.
He was interim CIO since November 2010, replacing Timothy Barrett, executive director and chief investment officer, who left to become director of pension investments at Eastman Kodak Co., Rochester, N.Y.
Mr. Pierce has been an investment officer at the system since 2001.
Separately, the association’s board changed the system’s return assumption rate to 7.75% from 8%, with the costs of the change phased in over three years, Mr. Pierce said.
The system’s investment committee also voted to recommend the association issue an RFP for at least one emerging markets debt manager to run a portfolio of about $120 million, Mr. Pierce said.
The committee will also recommend a $30 million allocation to Stone Tower Credit Strategies fund and extend the lockup for its $160 million investment in hedge fund of funds Stamos Global Credit Opportunity fund for three years.
The board will also be asked to terminate its $45 million investment in Halcyon Asset-Backed Fund, a credit strategy. Fund officials are pleased with Halcyon’s performance and are cashing in gains.
The association’s board will consider the recommendations Nov. 5.