San Diego County’s pension fund reported net returns of 2.68 percent for the fiscal year, ending on June 30, giving the fund a year-end total of $10.3 billion.
The average annualized returns for the fund over the past three years was 7.86 percent, and 9.9. percent returns over the past five years.
The $6.8 billion City of San Diego pension fund saw one-, three- and five-year returns of 3 percent, 11 percent and 11.3 percent, respectively, over the same period.
The San Diego County Employees Retirement Association installed former city pension chief David Wescoe last month as its permanent chief executive, after former SDCERA CEO Brian White resigned in March amid criticism from some trustees over risky strategies used by outsourced investment manager Salient Partners. Wescoe had served as interim CEO since April.
SDCERA’s board terminated Salient’s contract in July after hiring an in-house investment officer.