David B. Wescoe, president of exchange-traded fund manager Efficient Market Advisors, is being offered the position of contracted organizational management consultant to assist with the hiring of executive positions including chief investment officer at San Diego County Employees Retirement Association, according to a motion passed at Thursday’s board meeting, said Dan Flores, SDCERA spokesman.
The position is new. Mr. Wescoe would remain at Efficient Market Advisors, assisting the SDCERA board and Brian White, the $10.5 billion pension fund’s CEO.
“While there was no mention of EMA in the board discussion or in the motion, Mr. Wescoe’s contracted employment will be through his firm EMA,” Mr. Flores said in an e-mail. “Following yesterday’s board vote, SDCERA is currently working to produce this contract for the board to review at the next meeting, which will specify the terms including the scope of work, length of time of the contract, and the fee structure.”
Prior to joining Efficient Market Advisors in February 2014, Mr. Wescoe was CEO of the $6 billion Motion Picture Industry Pension and Health Plans, Los Angeles.
The pension fund is currently searching for a CIO. The new CIO is expected to start in April, the pension fund’s implementation plan shows. Current OCIO Salient Partners will continue to work for SDCERA until late November. The board has not terminated Salient’s contract, Mr. Flores said.
Separately, the pension fund earned a gross return of 9.25% for the year ended Dec. 31, a Salient report to the board for its Thursday meeting shows.
Also, investment consultant Wurts & Associates is currently conducting an asset allocation study. Once approved by the board, the new asset allocation is tentatively scheduled to be in place in November, Mr. Flores wrote in a separate e-mail.