Victor MacFarlane will remain under contract with the fund through year’s end
San Francisco businessman Victor MacFarlane is ending his longtime role as a property adviser to the California Public Employees’ Retirement System (Calpers), a spokeswoman for his firm said on Saturday.
The development came after property investments by the nation’s largest pension fund lost much of their value during the global economic downturn, costing the fund hundreds of millions of dollars.
MacFarlane Partners spokeswoman Julie Chase said that Mr MacFarlane will remain under contract with the giant pension fund through year’s end. She said that Mr MacFarlane resigned within the past month, but she would not say why.
Calls to Calpers spokeswoman Pat Macht at home and work were not immediately returned.
Mr MacFarlane had advised the pension fund for years, Ms Chase said. ‘More than a decade is probably fair.’
In January 2007, his firm helped engineer a US$970 million purchase by the pension fund of a majority share of a massive Southern California residential development known as LandSource, The Wall Street Journal reported on Saturday. Continue reading
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