San Diego County drops Townsend Group
The $11.4 billion San Diego County Employees Retirement Association’s board has terminated real estate consultant The Townsend Group.
Albourne Partners, the pension fund’s consultant for it hedge fund portfolio, and general investment consultant Aon Hewitt Investment Consulting will provide real estate consulting services.
The realignment of consulting services is expected to save SDCERA $280,000 per year, according to a memo by CIO Stephen Sexauer to the board recommending Townsend’s termination.
SDCERA’s total private asset allocation, which includes real estate, was 23 percent.