Deals and People April 21, 2011
SDCERA Announces Resignation of Acting CIO
April 21, 2011 (PLANSPONSOR.com) – The San Diego County Employees Retirement Association announced the resignation of acting CIO Lisa Needle effective May 13, 2011.
Reported by Rebecca Moore
Needle, who served SDCERA for 10 years, has been hired by Albourne Partners Ltd.
In a statement, SDCERA Board of Retirement Chairman Douglas Rose noted: “Lisa’s work for Albourne will be for other clients, not for SDCERA, in compliance with the law that requires a two year waiting period before a former pension employee may appear before the board or communicate with the retirement system. Additionally, during negotiations, she conducted no SDCERA business with Albourne.”
Last year, SDCERA voted to outsource its CIO function and selected Integrity Capital for the role. However, Integrity was rejected and the search resumed after attorneys said hiring the firm founded by SDCERA’s Portfolio Strategist Lee Partridge could constitute a conflict of interest (see Second Thoughts Emerge on SDCERA Outsourcing Deal).« Fiduciaries Showing no Compliance with 404(c) Breached Duties