By Steve Thompson | dallasnews.com
In today’s story about the exit of Dallas police-fire pension administrator Richard Tettamant, we wrote of a discussion that trustees had yesterday with consultant Rhett Humphreys of NEPC.
Here’s what Humpheys said in a nutshell: Yes, NEPC has advised the fund to move into real estate and private equity to diversify its portfolio. But NEPC did not advise them — and would not have advised them – to venture into a bunch of “direct deals.” Other consultants advised those deals, and in some cases Tettamant’s staff oversaw them internally.
