Arizona State Retirement System, Phoenix, plans on bringing at least 9% of its $14 billion in assets in-house and will hire an in-house U.S. fixed-income analyst next year, said Paul Matson, senior investment manager. Two-thirds of the money coming in-house will be in domestic equities, one-third in domestic fixed income.
Axe Houghton now has a co-management agreement with the fund to run the money that will be brought in-house. Later, Axe Houghton will take over some assets now run by the fund's 11 other managers. There are no plans to terminate any outside managers.