The $560 million Jacksonville (Fla.) Fire & Police Pension Fund shifted to a new asset allocation, boosting its domestic equity allocation to 60% from 50% and dropping fixed income to 50% from 60%. Assets were shifted among seven of the fund's nine managers.
The increase in domestic equity exposure is in response to the defeat of a state bill to allow fire and police funds to invest 10% internationally, said John Keane, administrator. Had the bill passed, the fund probably would have left domestic equities alone, and put 10% of assets into international stocks. The bill passed the state House, but failed in the Senate, Mr. Keane said. He said pension officials will redouble their efforts to get the bill passed next spring.