Idaho Public Employee Retirement System, Boise, hired four money managers to run a total of $1.4 billion, said Kelly Cross, program manager, in an email.
The $15.9 billion pension fund hired BLS Capital, Fiera Capital and Walter Scott & Partners to manage $400 million each in active global equities, and Income Research & Management to run $200 million in government/credit fixed income.
Funding comes from the terminations of Barings for a $459 million global equity portfolio and $196 million global fixed-income portfolio, Capital Group for a $500 million global equity portfolio, Tukman Grossman Capital Management for a $552 million domestic large-cap equity portfolio and Western Asset Management Co. for a $210 million Treasury inflation-protected securities portfolio.
How the remaining assets from the terminations will be reallocated could not be immediately learned. Ms. Cross said the changes were a result of a “broader structural review of our total fund.”
Investment consultant Callan Associates assisted.
As of March 17, the pension fund’s actual allocation was 44.9% domestic equity, 24.8% fixed income, 16.4% global equity and 13.9% international equity.