June 13 (Bloomberg) -- The head of the $3.4 billion Dallas Police & Fire Pension System resigned after two decades, according to the Dallas Morning News.
Administrator Richard Tettamant resigned June 12 at the request of the fund’s board, the newspaper reported yesterday. The board appointed Assistant Administrator Don Rohan as acting administrator.
Board chairman George Tomasovic, a fire and rescue battalion chief, didn’t return a call seeking comment on the report. He told the newspaper the “returns just haven’t been there” on the fund’s investments, including alternative assets such as real estate and other sectors outside traditional stocks and bonds. The fund invests a third of its assets in alternative investments.
Tettamant didn’t immediately return a call placed to his residence.
The pension fund, which invested in a $200 million luxury apartment tower next to the Nasher Sculpture Center in downtown Dallas, has been locked in a battle with the museum over glare reflecting off the building’s glass windows. Nasher officials have said the sunlight is damaging artwork and plants in its gardens.
Tettamant oversaw the growth of the city pension fund from $719 million of assets, according to the fund’s website. He was “recognized nationally as one of the earliest and most successful proponents of alternative investment strategies,” according to the website.
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