Updated with correction
San Diego County Employees Retirement Association hired Aon Hewitt Investment Consulting as its new general investment consultant, according to board meeting recordings and materials on the $10.2 billion pension fund's website.
Verus was the incumbent and did not rebid. SDCERA issued an RFP as part of its due diligence as it continues to transition to an in-house investment program following the termination of outsourced CIO Salient Partners in July 2015.
An RFP was issued in April.
Separately, Loren de Mey, assistant chief investment officer, private markets left the pension fund on July 5 to become the director of supplemental retirement plans at the $86.7 billion North Carolina Retirement Systems, Raleigh, confirmed Mary Montgomery, communications manager for SDCERA.
In a report to the board for its Thursday meeting, CIO Stephen Sexauer said he would step into Ms. de Mey's day-to-day duties in the interim. In May, SDCERA hired Thomas Williams, assistant chief investment officer, public markets, “which puts us in good shape to fill the private markets position,” Mr. Sexauer told the board.
SDCERA also lowered its investment return assumption to 7.25% from 7.5%.
In other news, the pension fund reported a preliminary net return of 0.45% for the fiscal year ended June 30, above its -0.1% benchmark return. The pension fund's annualized five-year return ended June 30 was 5.94%, surpassing the 5.5% benchmark, and its annualized 10-year return was 4.68%. The 10-year benchmark could not be learned by press time. Officials plan to report final investment return data on Oct. 20.