The $5.7 billion plan San Bernardino County Employees¹ Retirement Association (SBCERA) previously discussed two potential CLO investments at last week¹s meeting.

Up for consideration were two separate investments of up to $50 million with GoldenTree Asset Management's CLO 2011-1 and the Stone Tower Debt Advisors' CLO 2011-1.

However, Nicole Dailey, communications officer at the plan, said the Board "did not approve the two CLO investments" and instead "opted to rebalance into existing strategies within the portfolio."

SBCERA¹s CLO equity or CLO debt investments are considered part of its high yield allocation, which is currently targeted at 13%, Dailey said.

Meanwhile, SBCERA has tweaked the currently vacant executive director/CIO and chief operating officer roles at the plan.

Going forward, SBCERA will instead have a separate CEO and CIO, the Board decided at its March 3 meeting.

In a Friday email, Dailey said the decision to revise the positions was recommended by its previous executive director, Timothy Barrett. In October 2010, Barrett announced that he would be resigning from the role.

Larry Walker, auditor-controller/recorder/treasurer/tax collector, has been overseeing the day-to-day operations at the plan on an interim basis. Alternately, Donald Pierce, a senior investment officer at the system, has been temporarily functioning as its CIO.

Early last month, SBCERA hired executive search firm EFL Associates to assist with filling the positions.

"Recruitment for the CEO is position is underway and will take between 90 to 120 days," Dailey said last week. "Recruitment for the CIO position will not take place until such a time that a CEO has been selected."

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