US - The $11bn San Francisco Employees Retirement System (SFERS) is looking to hire a new general investment consultant.
David Kushner, SFERS's new deputy director of investments, said that the fund is using Cooper Consultants to conduct the search. Kushner declined to reveal any further details. Angeles Investment Advisors is the fund's current investment consultant.
Additionally, SFERS is looking to hire a new alternative investment consultant. The fund currently has $1.65bn - 15% of its total assets - committed to alternatives. The search for a new consultant will close on November 29, and SFERS aims to have a new consultant in place by the end of February. Incumbent consultant Cambridge Associates has been invited to reapply for the position.
SFERS has also awarded Oaktree Capital Management (OCM) a $20m alternatives mandate. The pension plan will invest in the OCM Opportunities Fund IV, a distressed debt fund.
By Geoffrey Ho
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.