Iowa Public Employees’ Retirement System, Des Moines, hired UBS Asset Management as its first passive global smart beta equity manager, pending final contract negotiations, said Karl Koch, chief investment officer, in an emailed statement.
UBS will manage 3% of the total pension fund portfolio. Funding will come from U.S. equity and international equity. An RFP was issued in March.
The pension fund has about $28.5 billion in total assets