San Diego County’s $10.6 billion pension fund said Sept. 3 it had hired the former head of the city’s pension fund, David Wescoe, as its next permanent chief executive, following the resignation of longtime CEO Brian White in March.
Wescoe stepped in as interim CEO in April and will take on the job full-time on Sept. 18, the San Diego County Employees Retirement Association said. Wescoe previously led the San Diego City Employees’ Retirement System and the Motion Picture Industry Pension and Health Plans. He is also president of Efficient Market Advisors, a local investment advisory firm.
The hiring is the latest in a series of shake-ups for SDCERA’s executive staff after White resigned amid criticism from some trustees that outsourced investment manager Salient Partners’ investment strategy imperiled too much of the fund’s money. The board hired an in-house investment officer and terminated Salient’s contract. It has also hired a new chief financial officer and general counsel.
“We are very fortunate to have a proven leader in David, with demonstrated readiness to lead SDCERA,” Board of Retirement Chair Skip Murphy said. “He has made important contributions to SDCERA’s success during his time as interim CEO, and the board has complete confidence in his ability to lead SDCERA successfully into the future.”