The San Diego County Employee Retirement Association, which oversees a $10.6 billion pension fund for about 40,000 members, said May 21 it was appointing a chief investment officer to take over from Salient Partners, the group’s current portfolio manager.
Former Allianz Global Investors Solutions CIO Stephen Sexauer will start on May 29, but will not assume the day-to-day responsibilities from Salient for several months, SDCERA said. While SDCERA already has an internal private markets division, Salient handles its public market investments.
SDCERA does not currently have a CIO.
“SDCERA’s leadership team is taking shape, and the (Board of Retirement) is eager to move forward on reviewing SDCERA’s asset allocation and investment policies,” Board of Retirement Chair Skip Murphy said. “Mr. Sexauer’s experienced investment counsel will be big assist in this process.”
Sexauer will oversee investment strategy for both public and private investments and will help determine the fund’s investment policies and asset allocation. At Allianz, he managed more than $7 billion in multi-asset institutional portfolios and retirement income generators.