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Saturday, Jul 13, 2024
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County Retirement System Settles With Rocaton

San Diego County’s retirement system accepted a $2.75 million settlement with Rocaton Advisors, the Connecticut-based investment consultant that steered the county’s retirement board in selecting Amaranth Advisors, the hedge fund that lost about $6 billion in investor money last year.

The county’s pension fund invested $175 million in Amaranth in 2005. Since Amaranth failed and began liquidating itself, it has returned $61 million to the county.

The county pension fund filed suit against Amaranth in March, seeking $150 million.

Despite the losses, the county’s pension board has made it clear it will continue investing at least a portion of its $8 billion fund in high-risk investments it has called its Alpha Engine. A few months ago, it hired Albourne Partners, a London-based advisory firm, to replace Rocaton. Last week, the board hired Enis Knupp, a Chicago investment consultant, to advise on the pension fund’s overall strategy. Enis Knupp will be paid $450,000 annually.

Brian White, chief executive of the county fund, said there have been some discussions involving the suit against Amaranth, but so far nothing formal has transpired.

, Mike Allen

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