Michael J. Moy, managing director and board member at investment consulting firm Pension Consulting Alliance, will retire April 28, according to an announcement from the firm Wednesday.
Mr. Moy's duties will be assumed by other members of PCA's consulting team.
Mr. Moy joined PCA in 2005 and has provided private equity consulting services to Taft-Hartley and public pension plans, including the $311 billion California Public Employees' Retirement System, Sacramento.
CalPERS hired Meketa Investment Group as its private equity consultant after PCA resigned in the middle of its five-year contract, according to agenda materials for the March 13 investment committee meeting.
CalPERS was PCA's only strategic private equity advisory client, according to a March 7 PCA client memo obtained by Pensions & Investments.
“As is well known, CalPERS has been revisiting its PE investment model in order to make the class more cost-effective,” the memo stated. “Coincidentally, Mike Moy, the PCA managing director responsible for the CalPERS private equity relationship, informed us that he had been considering retirement.”
The result was PCA's resignation of CalPERS' private equity relationship as of March 16 and Mr. Moy's retirement, the memo stated.
“Mike has been an invaluable member of PCA, and we wish him the best in his retirement,” said Allan Emkin, PCA's founder and managing director, in the firm's announcement.
“Upon Mike's retirement, the PCA board and senior consulting team will attend to all his client relationships to ensure a seamless transition.”
Mr. Moy, in the announcement, said: “My PCA experiences have been among the most rewarding and intellectually challenging.” Contacted by email, he declined to comment further.
Christy Fields, managing director at PCA, and Mr. Emkin could not be immediately reached for further comment.