An Ohio-based company has been hired to oversee all city investments, previously the responsibility of the city treasurer.
Jeff Niven was removed from the treasurer's job in April amid criticism of the city's fiscal strategies, including the borrowing of $62 million to deposit in the Orange County investment pool, which collapsed last year. Niven continues to serve as the city's manager of fiscal services.
United American Capital Corp., a company headed by former Ohio state treasurer Dennis Yacobozzi, will be paid a maximum of $7,000 a month to manage the city's $325-million investment portfolio.
Company officer Carole Gierhart, an Oceanside resident who is also city treasurer for the San Diego County cities of Oceanside and Vista, will oversee the portfolio on a six-month trial basis.