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San Diego Union Tribune – The county pension board’s chief investment officer has resigned a week after a second hedge fund collapse in which employee retirement investments could lose as much as $78 million.
David Deutsch, who held the job for five years, oversaw a $2.5 billion loss in pension assets since June 30.
He had pushed the San Diego County Employees Retirement Association – which manages retirement benefits for 35,000 county retirees and current employees – to invest heavily in hedge funds.
The association’s board accepted his resignation in closed session yesterday. His last day will be March 19.
Brian White, the association’s chief executive, said Deutsch didn’t give a reason for his departure and wasn’t given a severance package.
Asked if Deutsch was under any pressure because of investment losses or hedge fund problems, White said, “I think we’re all under a lot of pressure because of the market.”
