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David Deutsch, the county pension fund’s chief investment officer, has just handed in his resignation effective March 19 and the San Diego County Employees Retirement Association board accepted it. Garry Sobeck, the chairman of SDCERA’s board, made the announcement after a closed session meeting this morning.
|SDCERA CEO Brian White talks to CIO David Deutsch after a closed session meeting Thursday.|
Deutsch, who has served as CIO for SDCERA since 2004, was the architect of the county pension fund’s current controversial hedge fund investment strategy, and he has overseen a portfolio that has lost $2.5 billion in recent months. The retirement system learned last week that $78 million invested in the hedge fund WG Trading may be in jeopardy after the principals involved in WG were arrested.
Deutsch was instrumental in the county pension system’s decision to work with the hedge fund.