After losing four different chief investment officers in the past 12 years, the
The county has contracted with Integrity Capital, led by Lee Partridge, to serve as the limited partner’s portfolio strategist. Partridge will himself perform all the responsibilities of an internal CIO, with the exception of supervising investment staff. Those responsibilities include asset allocation, manager selection and portfolio construction. He will report to CEO Brian White and the board, which will retain ultimate control of investment and allocation decisions.
San Diego County hopes that by outsourcing the CIO responsibilities it can “engage top-level investment talent, gain exposure to more investment strategies and instill stability in a position that has had four different CIOs [in] the past 12 years,” according to a prepared statement.
Partridge most recently served as deputy CIO for the
San Diego County’s $6 billion pension fund will pay Partridge an annual base management fee of 0.85 basis points of assets under management, or about $535,000 based on current assets. It’s a 39-month contract beginning Oct. 1, with two potential two-year extensions, according to Johanna Shick, San Diego spokesperson.
Partridge could earn a performance fee of up to 0.85 basis points of assets under management, if certain conditions are met, including meeting or surpassing the fund’s assumed rate of return of 8.25 percent.