Financing Costs Prompt Leverage, Synthetics Review At West Coast Plan

San Francisco Employees’ Retirement System is reviewing its leverage and use of synthetic equity exposure as part of a wider asset liability study. The USD33 billion plan cut its use of leverage in July as financing costs climbed with higher rates, it revealed in an educational presentation to board members on Wednesday. Now, as part of a broader asset liability review, the public pension and its consultant Wilshire plan to discuss when and how much leverage to apply to its portfolio.