San Diego County Terminates Numeric Investors, Makes P.E. Hires

Mar 24 2006 | 12:00am ET

The $7 billion San Diego County Employees Retirement Association has terminated Numeric Investors from an $80 million quantitative long/short market control portfolio.

David Deutsch, cio, said the firm was terminated for people, process and performance issues and had been monitored for the past year after there was personnel turnover in the portfolio’s management team. He said the plan will hire a firm from the group of finalists that were involved in a search about a year ago, though he said he was not prepared to discuss the firms at this time.

Also, the plan moved approximately $30 million of a $90 million allocation to Freeman Associates from its long/short market neutral fund to its fair value fund as a means of diversification. Deutsch said the fair value fund has a low correlation to the long/short market neutral fund and will add alpha to the portfolio.

The plan also invested $9 million in Bain Capital Fund IX and $3 million in the Bain Capital IX Co-Investment Fund, as well as $13 million in TA Associates X and $8 million in the Related TA Subordinated Debt Fund II.

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