Donald Pierce, CIO of the San Bernardino County Employees’ Retirement Association, will retire later this year, the pension fund announced Wednesday. Pierce joined SBCERA in 2001 and was elevated to CIO in 2010. Pierce oversaw an expansion into international private equity, emerging market debt and option strategies in the plan’s investment mix, according to the SBCERA statement. … Cash gets no credit because, up until recently, it had a yield of close to nothing, and whatever it bought gets all the credit. More on this topic:Tags: Donald Pierce, SBCERA