The San Diego County Employees Retirement Association, the Californian pension plan, is looking to replace the investment consultancy that recommended it put money in Amaranth Advisors, a move which lost the fund more than $100m (€79.6m).

The $7.6bn pension plan ended its agreement with Rocaton Investment Advisors last week and is expected to hire a new adviser within the next few days. San Diego hired Rocaton in August 2002 as a general investment consultant for the pension plan. Rocaton also advised on San Diego's alpha engine, which includes hedge fund investments.