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Board selects Galliard as stable value manager for Deferred Compensation Plan
Summary
After a Callan‑assisted search, the board approved retaining Galliard as the San Francisco Deferred Compensation Plan's stable value manager citing strong performance, scale and a modest fee concession; the decision was unanimous on a staff motion.
The Retirement Board approved staff and consultant recommendations to retain Galliard Capital Management as the stable value investment manager for the San Francisco Deferred Compensation Plan (SFDCP).
Staff described a multi‑stage search led by Callan that began with 22 candidates and narrowed the list to semifinalists then finalists. Galliard and Invesco delivered customized portfolios and hosted on‑site meetings; Callan and staff conducted reference checks with suitably sized government clients. Galliard emerged as the recommended manager based on experience, stable value specialization, client references and a fee concession offered during the selection process.
"Galliard really boiled up to be the top candidate," said Greg Ungerman (Callan/consultant), noting the firm's long track record in stable value and its position as one of the largest managers in the space. Staff said the fee concession reduced the proposed fee from roughly 6.75 basis points to about 6.25 basis points.
Deferred Compensation Committee members described performance and net participant outcomes as the central considerations. After questions and committee endorsement, the board moved, seconded and voted to adopt the staff recommendation to retain Galliard. Commissioners also received the SFDCP quarterly report: staff announced a launch of a State Street Diversified Real Asset Fund to replace an existing REIT option and discussed operational planning for Secure 2 Roth $145k catch‑up rules.
The motion to retain Galliard passed by voice vote; staff will complete contracting and transition steps as needed.
