Deals and People March 20, 2009

SDCERA Opens CIO Search

March 20, 2009 (PLANSPONSOR.com) - The San Diego County Employees Retirement Association (SDCERA) says its recruitment for a new Chief Investment Officer (CIO) is underway.
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The CIO oversees outside investment advisors and a staff of 10 to manage day-to-day investments for the $5.9 billion fund, and reports to the Chief Executive Officer and the Board of Retirement.

“This is a key position that requires broad investment knowledge and experience, the ability to craft, articulate and implement a dynamic investment strategy, and the ability to work with the Board of Retirement to maximize returns for members and the employer,” said Brian White, Chief Executive Officer, in the announcement.

On March 5 SDCERA announced the resignation of David Deutsch, effective March 19. Deutsch had been in the position for five years, announcing his resignation less than a week after the fund reported that, although it terminated its relationship with WG Trading as of December 31, 2008, it has not received the $78 million it had invested with the firm (see List of Public Pensions Snared in WG Trading Scandal Grows ). Deutsch was perhaps best known for helping to develop the pension fund’s hedge fund strategy, which drew scrutiny for a $175 million loss from Amaranth Advisors three years ago (see San Diego County Fund Sues Amaranth ).

SDCERA is an independent association established by the County Employees Retirement law of 1937, which governs 20 California county retirement systems. SDCERA provides retirement benefits for approximately 35,000 eligible employees, former employees who are vested, and retirees of the County of San Diego.

Position Qualifications

The CIO helps set and achieve SDCERA’s long-term investment goals. According to the announcement, qualifications for the position include:

  • A bachelor’s degree in finance, accounting, economics or a related field
  • At least five years managing investments for a large retirement fund or asset management firm
  • An advanced degree and certification as a Chartered Financial Analyst are highly desirable
  • A demonstrated track record of progressive leadership and success formulating and implementing approved long-term investment policies and strategies
  • Strong communication skills and the ability to foster, manage and lead successful, high functioning teams
  • High ethical standards, sound judgment, and a strategic focus balanced with consensus building skills

To apply, interested candidates should submit their resume, including salary history, to CIOsearch@sdcera.org . Résumés will be accepted through April 15, 2009.

For more information, go to www.SDCERA.org/about_job.htm .

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