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Pension Funds

Vermont picks 4 finalists for global equity search

Vermont Pension Investment Committee, Montpelier, named four finalists in its search for global equity managers to run a total of up to $360 million for the $4 billion Vermont State Retirement Systems, said Matt Considine, director of investments.

The committee named Artisan Partners (APAM) Asset Management, Boston Partners, Fiera Capital, and Hosking Partners as finalists. The managers will make presentations at the committee's July 25 meeting, with a decision following shortly thereafter.

The search was the result of the creation of a new 9% target allocation to global equity following an asset allocation review earlier this year. How the target will be split and how many managers may share the portfolio will be decided following the presentations, Mr. Considine said. Funding will come from various reductions in other asset classes following the asset allocation changes. Mr. Considine said there has been no discussion of terminating managers.

The committee had eliminated targets to high-yield bonds and core fixed income, which previously had targets of 5% and 3%, respectively.

The results of a shortlist search for private debt managers will also be presented at the July 25 meeting. A 5% target to private debt was also created earlier this year. Equity targets being reduced are domestic small/midcap equities to 3% from 5% and emerging markets equities to 4% from 6%.

Investment consultant NEPC is assisting with all searches.