Kansas City Police Employees begins asset allocation study
By Rob Kozlowski | January 15, 2013 12:36 pm
Kansas City (Mo.) Police Employees' Retirement Systems are conducting an asset allocation study, confirmed James Pyle, pension systems manager.
The pension funds, with combined assets of $800 million, conduct a study every three years, Mr. Pyle said in a telephone interview. He said investment consultant DeMarche Associates is very early in the process and no specific asset classes are being investigated.
DeMarche is expected to provide results of the study in the second or third quarter, Mr. Pyle said.
The two pension funds are the Police Retirement System of Kansas City, Mo., and the Civilian Employees' Retirement System of the Police Department of Kansas City, Mo.
As of April 30, the target allocation of the pension funds, which operate under a single retirement board, was 31% fixed income and cash; 23% alternatives; 15% domestic large-cap equities; 11% domestic small-cap equities; and 10% each in international equities and emerging markets equities.
As of April 30, the actual allocation of the police retirement system was 39.7% fixed income and cash; 21% alternatives; 19% domestic large-cap equities; 7.9% international equities; 6.9% domestic small-cap equities; and 5.5% emerging markets equities.
As of April 30, the actual allocation of the civilian employees' retirement system was 40.7% fixed income and cash; 20.1% alternatives; 19% domestic large-cap equities; 7.7% international equities; 7% domestic small-cap equities; and 5.5% emerging markets equities.