It appears Pensions & Investments magazine went to Thursday’s meeting at the county pension board’s new digs in Mission Valley as well.

But the reporter from that erudite almanac of all things pension apparently pulled out a little scoop the rest of the media missed.

The magazine reported that the county pension system quietly received the resignation of Rocaton, the consulting firm that advised the system to invest in Amaranth and other hedge funds. Amaranth, of course, turned into a disaster. And Friday, we offered up the link to that British story about the guy who saw Amaranth for what it was after doing a little due diligence. He pulled his money out at the same time Rocaton was telling the county guys to put lots of money in.

Here’s Pensions & Investments’ news:

David Deutsch, the fund’s CIO, confirmed that fund officials received a letter of resignation from Rocaton, which had advised SDCERA in its investment in Amaranth as part of its portable alpha investment program.

There’s more. The Pension & Investments reporter also talked to County Pension CEO Brian White.

When asked whether SDCERA is considering legal action against Rocaton, Mr. White referred to Mr. Myers’ public statement, noting “we are looking at all possibilities.”

So they might sue Rocaton? Wow.

But wait. I thought the county was very proud of the investments Rocaton had helped them implement?

After all, even after Amaranth collapsed, the county pension board decided to invest $40 milllion into a new hedge fund Rocaton recommended: Highbridge Capital Management.

This may get interesting.


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