The $450 million Shelby County Retirement System, Memphis, Tenn., has set aside $10 million to make its first move into international equities.
The allocation has been authorized in the investment policy, but several investment committee members want a few months to get comfortable with the area before proceeding, said David Pontius, manager-pension investments. Initial funding will come from reducing the allocation to a domestic equity manager the fund already has designated. He declined to name the manager.
The fund also reallocated assets among some managers.
In fixed income, Commerce Capital will run an additional $3 million, raising its assignment to $20.4 million; Highland Capital Management's assignment was reduced by $9 million, to $84 million.
In equities, Thomson Horstmann & Bryant got an additional $10 million, and now runs $25.6 million; Southern Capital Management, $9 million, to $17.8 million; and Southeastern Asset Management, $6 million, to $59.2 million. Also in equities, NewSouth Capital Management's portfolio was reduced by $25 million, leaving it with $84 million; Commerce Capital's equity portfolio was cut by $5 million, to $17.2 million; and Stephens Capital Management's was reduced by $5 million, to $20.3 million.
Consulting Services Group assisted in the changes.