Risky retirement investing: Thrill is gone

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http://www.utsandiego.com/news/2014/oct/01/risky-retirement-investing-thrill-is-gone/



The Mission Valley headquarters of the San Diego County Employees Retirement Association, which manages a $9 billion pension fund for county government workers.

Risky retirement investing: Thrill is gone
Dan McSwain
5 p.m.Oct. 1, 2014

It’s hard to keep a healthy relationship going after you wake up one day and realize you don’t trust your partner.

So it goes for some of the nine trustees who run San Diego County’s pension fund.

Last month their investment manager, Lee Partridge of Salient Partners, disclosed that he had used derivatives and leverage to place $22 billion at risk in financial markets — using the county’s $10 billion fund as collateral.

This surprised many of the trustees, to put it mildly. Some want to skip marriage counseling and go straight to divorce, with a vote scheduled today on whether to fire Salient.