Contra Costa County Employees’ Retirement Association, Concord, Calif., will be terminating its $211 million investment in the Acadian Multi-Asset Absolute Return Fund.
The $11 billion pension fund will be terminating the multiasset hedge fund managed by Acadian Asset Management in the coming weeks, said Timothy Price, chief investment officer, in a memo to its board included with materials for its upcoming April 24 meeting.
Price, who has been delegated the responsibility for terminating the manager, said he has made the decision due to underperformance and organizational changes at Acadian. CCCERA originally invested in the strategy in July 2020.
Assets from the termination will be reallocated to other risk diversifying strategies on an interim basis, said Price in the memo.
A spokesperson for Acadian Asset Management declined to comment.
As of Dec. 31, the pension fund’s actual allocation to diversifying strategies was 6.8%; the target is 7%.
