Contra Costa County Employees’ Retirement Association is searching for a global equity manager to replace Tradewinds Global Investors, which was terminated at a March 28 board meeting, according to recently released board minutes.
The board approved issuing an RFP, but board minutes did not note the size of the portfolio up for bid. The RFP will be available on the fund’s website at www.cccera.org.
Tradewinds ran $117 million as of Dec. 31, according to the $5.1 billion retirement system’s fourth-quarter investment report. The firm was terminated because of personnel changes. The funds are parked with State Street Global Advisors.
The RFP will take priority over a search for real asset investment managers, which was approved at a March 14 meeting. The board then voted to invest up to 5% of defined benefit plan assets with a public sector real asset investment manager, with a 2.5% drawdown at a later time to invest with a private sector real asset mandate, according to board minutes.
Investment consultant Milliman is assisting with both searches.
Separately, Timothy Price accepted the position of chief investment officer at the defined benefit plan, replacing Cary Hally, who left the pension fund in January. Mr. Price was a consultant at Milliman. CEO Marilyn Leedom did not return a telephone call by press time for additional information.
Also on March 28, the board approved committing $60 million to Torchlight Debt Opportunities Fund IV, a commercial mortgage-backed securities fund. The retirement system previously invested in the second and third series of the funds.