Stephen Sexauer will join San Diego County Employees Retirement Association as chief investment officer on May 29, said Dan Flores, spokesman for the $10.6 billion pension fund, in an e-mail.
Mr. Sexauer will help bring in-house the responsibilities Salient Partners has as SDCERA's current portfolio strategist.
Salient currently manages about $7.7 billion for the pension fund and will continue to do so.
"It has been our honor to serve as SDCERA's outsourced CIO for the last five and a half years, during which time the pension generated a net annualized return of 9.42% and gains of $4.27 billion for plan members, exceeding the plan's 7.75% actuarial return target and placing it as a top-performing public pension plan in the country," Salient said in an e-mailed statement.
SDCERA's board and David Wescoe, SDCERA's interim CEO, announced the hiring at Thursday's board meeting following a closed session, Mr. Flores wrote.
Mr. Sexauer will oversee SDCERA's investment strategy and day-to-day operation of the investments division. He will also help the board with the pension fund's investment policies, investment strategy and asset allocation as well as coordinate the transition of Salient's duties as portfolio strategist.
Mr. Sexauer was chief investment officer of Allianz Global Investors' multiasset U.S. business until he retired in December and then became an adviser to the company. When he retired, Mr. Sexauer was replaced by Herold Rohweder, global CIO multiasset, and Giorgio Carlino, co-CIO of U.S. multiasset, said Megan Frank, Allianz Global Investors' spokeswoman.
