SEARCHES AND HIRES

Alaska Retirement hunting for alternative beta managers

Alaska Retirement Management Board, Juneau, is searching for one or more alternative beta managers to manage an initial allocation of up to $300 million, said Judith Hall, liaison officer, in an email.

The number of managers that will be selected and funding sources are still being determined.

Whether an RFP will be issued could not immediately be learned.

Separately, the board voted to terminate GAM from a $229 million absolute-return portfolio because of performance concerns, organizational changes and a decline in assets, Ms. Hall wrote.

Funds will initially be reinvested in the board's fixed-income portfolio. There are no plans to conduct a replacement search for GAM at this time, Ms. Hall said.

Also, the board put Allianz Global Investors' Socially Responsible Investment Fund on watch for performance. The fund is an option in the board's $847.6 million defined contribution plan; $39.6 million is invested in the fund. An Allianz spokeswoman could not immediately be reached for comment.

The board oversees more than $28 billion in retirement assets.