San Diego County Employees Retirement Association selected EFL Associates to conduct a search for an internal chief investment officer to replace outsourced CIO Salient Partners, said Brian White, CEO of the $10.1 billion fund, at Thursday’s meeting.
Mr. White told board members said he expects to hire a CIO in April. Under the pension fund’s lateral structure, he has the authority to hire the new CIO. He also selected the search firm.
There was discussion by the board about the process of selecting the search firm. Mr. White acknowledged that he had not notified other search firm candidates that they had not been selected but would do so after the meeting.
“I wanted to make sure my decision to hire EFL would not be overridden,” he said.
After further discussion, Dianne Jacob, a SDCERA trustee, said that by their silence the board confirmed Mr. White’s selection of EFL.
As part of the search process, EFL executives will produce a list of potential candidates after interviewing each of the board members.
“I would expect at that point that I will be reviewing the paper on these potential candidates with EFL Associates and the advisory committee,” Mr. White told the board.
Members of the CIO advisory search committee are Mr. White and four trustees: Dave Myers, Dick Vortmann, Dianne Jacob and Kristina Maxwell.
“SDCERA’s CEO has final decision in the CIO search. He and the search committee will be keeping the board informed during the search process so the board is supportive of the decision,” wrote Dan Flores, SDCERA spokesman, in an e-mailed response to questions following the board meeting.