Colorado Fire & Police puts $106 million in AQR’s Emerging Defensive Equity Fund

Colorado Fire & Police Pension Association, Greenwood Village, hired AQR Capital Management to manage $106 million in its Emerging Defensive Equity Fund, an active, low-volatility emerging markets equity fund, confirmed Dan Slack, CEO of the $3.5 billion pension fund.

Funding comes from the January termination of a $100 million J.P. Morgan Asset Management (JPM) active emerging markets equity strategy, after a personnel change.

Mr. Slack said the AQR strategy is a relatively new product and fits within the pension plan's global equity structure that is focused on protecting against downside risk.

“The idea was that emerging markets indices are volatile … and to us, it made some sense to employ a low-volatility strategy to eliminate some of the downside risk,” Mr. Slack said in a telephone interview.