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Pasadena-Based Los Angeles County Pension Fund Jittery Over Data Disclosures

Published on Tuesday, January 8, 2019 | 5:55 am
 

The $57.1 billion Los Angeles County Employees Retirement Association known as LACERA is feeling jittery over three data security incidents at its custodian, State Street Bank and Trust Company.
And the Pasadena-based fund is making those concerns known.
According to a Jan. 7 report by the money management publication “Pension and Investments,” LACERA is taking a closer look at its relationship to the Boston-based financial entity.
The “Pension and Investments” report quoted LACERA board meeting documents to reveal how the fund communicated its concerns to State Street Bank and Trust.
In an email posted on the fund’s website, Jonathan Grabel, LACERA’s chief investment officer, reportedly informed then-State Street CEO Jay Hooley that the data security incidents were “unacceptable and raise a variety of concerns.”
The agenda for an Aug. 9, 2018 meeting of LACERA’s Board of Retirement demonstrated that the pension fund raised concerns about data incidents on Jan. 19, 2018 and on March 1, 2018.
A third incident was reported by State Street Bank in June 2018.
The January incident reportedly involved disclosure of LACERA’s market value and performance information to a U.S.-based, non-financial investment consultant not affiliated with LACERA.
The March 1 incident entailed LACERA’s demand deposit account numbers, and client contact information, reportedly being sent to an external email address.
A memo from Grabel to Board of Retirement officers detailed a U.S.-based investment firm not affiliated with LACERA allegedly being granted unauthorized access to the fund’s holdings and trade information.

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