US - Despite the well-documented Amaranth collapse wiping out a huge portion of its assets almost overnight, San Diego County Employees Retirement Association (SDCERA) earned nearly US$1bn in 2006.
In its fourth year of double digit gains, SDCERA’s returns came in at 13.6%, more than five percentage points above the 8.25% target, taking its assets to around $8bn.
CEO Brian White said: “Our investment staff has done an impressive job attaining consistently high returns. Our long term investment returns continue to outpace those of our peers.”
Even after cutting ties with Amaranth and recovering an estimated $64.7m so far, concern remains around the association’s investment policy.
President of the county taxpayers association Lani Lutar said: ”While the investment returns might appear to be positive news on the surface, it’s a reminder that they really need to change their hedge fund policy.”
Figures have not yet been actireleased for 2007 vities, but fears of a US recession and tumbling international markets resulted in “a difficult month” according to White.
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