El Paso ropes Invesco as 3rd absolute-return manager

El Paso (Texas) City Employees' Pension Fund hired Invesco (IVZ) as an absolute-return manager, recently released board meeting minutes show.

The targeted allocation is $28 million to $30 million, or a quarter of the pension fund's 15% absolute-return target. Funding sources could not immediately be learned.

The pension fund's existing absolute-return managers, Allianz Global Investors and AQR, will manage 50% and 25% of the pension fund's absolute-return target, respectively. Their previous allocation sizes could not immediately be learned.

The absolute-return target was raised to 15% from 10% last year. Investment consultant Callan Associates recommended a third absolute-return manager be hired, and assisted with the search.

Robert Ash, executive director of the $700 million pension fund, could not immediately be reached for additional information.