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Doug McCalla announced today his retirement as chief investment officer of the city of San Diego’s pension fund.

The fund has been back in the news in recent weeks as the its deficit has more than doubled to an estimated $2.78 billion in the wake of the global economic meltdown and the city’s financial struggles.

From a release put out by the San Diego City Employees’ Retirement System:

“I believe this is a particularly opportune time for a leadership transition in the Investment Division, despite this last year of distress in the financial markets. In preparation for my retirement, I have hired and trained an outstanding team of four investment professionals. Therefore, I will be departing SDCERS with the confidence that our Administrator/CEO, Trustees and exceptionally well-qualified investment team will continue the SDCERS tradition of seeking and achieving superior risk-adjusted returns on behalf of our valued participants and plan sponsors,” said McCalla.

Mr. McCalla began his association with SDCERS in January of 1989 as an elected trustee representing the general employees and served on the Investment Committee. He joined SDCERS staff in September of 1991 as its sole investment professional after over 22 years as a city employee in the Park and Recreation, Personnel, Risk Management and Financial Management departments. Under Mr. McCalla’s guidance and leadership, SDCERS’ investment program, has ranked in the top 6th percentile compared to other public pension plans for both ten year and 19 1/2 year periods ending September 30, 2008.

ANDREW DONOHUE

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