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In 2011, for example, the fund was named Small Public Plan of the Year by Institutional Investor magazine at the Hedge Fund Industry Awards. Board members were upset the work - by people paid as much as $200 an hour - was not disclosed to them.Īt the same time, White was recognized by industry peers for his leadership. White approved spending more than $100,000 of public funds unsuccessfully defending a lawsuit filed by an advocacy group seeking public information about pension amounts paid to retirees.Īnd at one point he spent $75,000 over 15 months for public relations specialists to critique media coverage, write letters to the editor and work on social media. White was accused of keeping information from trustees who disagreed with his decisions and once fired an investment officer who raised questions about risk in Partridge’s investments long before the issue became national news. 18 email from retiree Dianne Williams, who wrote, “You are not being fair to retirees and are putting our livelihood at risk.
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The tide turned against White and Partridge last summer and fall, when scores of retirees and unionized employees began letter-writing campaigns and turned out at a series of tense board meetings urging trustees to use more traditional investment strategies. The board already voted to return to an in-house chief investment officer instead of an outside consultant and has begun interviewing finalists for the job, expected to pay about $240,000 a year. Portfolio strategist Lee Partridge, of consulting firm Salient Partners of Houston, presented a financial snapshot Thursday that shows the fund continues to return healthy investments under the “risk parity” strategy he developed after joining the organization in 2009.Įven so, the Texas-based consultancy that is being paid more than $8 million a year is scheduled to be phased out by November. While White is leaving the pension system he has run for nearly two decades, the chief architect of the agency’s controversial investment policy remains.
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Wescoe signed a contract last month that pays his firm $350 an hour plus expenses. The board has yet to replace any of its senior leaders, although Wescoe has said he will serve as needed. White is the latest in a rash of top-level departures at the pension fund in recent months.Įarlier this year, chief operating officer Mark Mimnaugh announced he was leaving and general counsel Steven Rice resigned to accept a similar position at the Los Angeles County Employees Retirement Association. In a report to the board Thursday, officials told the board that the 39,000-member retirement system was in good financial shape and poised to begin ratcheting back its investments in derivatives, credit-default swaps and other so-called alternative investments. He joined the organization in December 1996, when the fund separated from the county treasurer’s office.
White, 64, was the first and only chief executive officer of the pension system as an independent agency. But as earnings continued to lag those of other pension funds, trustees began dialing back from that situation in September. Proponents of the strategy said risks were balanced to make for steady returns. The situation was first revealed by U-T San Diego, but became a crisis for the agency when it made the front page of The Wall Street Journal. That meant that under a worst-case scenario, the county could lose its entire portfolio and subject taxpayers to $10 billion in additional losses. The county system last year was revealed to have used more extensive leverage, a form of borrowing, than traditional pension funds.Īt one point last summer, the $10 billion fund had a reported exposure of more than $20 billion.
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White’s duties will be taken over on a temporary basis by management consultant David Wescoe, a career financial professional who is credited with turning around the troubled San Diego city pension system nearly a decade ago. “There was questionable language that was discovered within the last few months,” Murphy said after the announcement. “Skip” Murphy said the board believes White’s contract expires at the end of 2016, but White’s position is it runs through 2017. The payment helps resolves certain differences between White and the board.
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