County pension outsources CIO role, focuses on controlling risk and volatility
By Susan Barreto
The management organisation fad of the past couple decades has finally hit the pension fund community.
In what is also a test of how hedge funds can be reintroduced to a portfolio following losses, a fraud and the demolition of the trailblazing portable alpha programme, San Diego County Employees Retirement Association (SDCERA) has outsourced its chief investment officer role.
If successful, this hiring technique may catch on elsewhere if pension executives calculate the payoff in the long-term. At the heart of the value proposition for an external chief investment officer is