The Memphis Light, Gas, & Water Division pension fund, Memphis, hired two managers for alternative strategies and may search for more, said John W. McCullough, manager-cash management.
In addition, it added to the assignment of an existing alternative manager and changed the assignment of a fourth.
The $700 million fund hired Olympia Management to run $2 million in arbitrage strategies in convertible, high-yield, mortgage-backed and other fixed income securities. Also, it hired Stonewall Sentinel to run $2 million in a low volatility strategy using futures and options.
It increased the assignment of Clearwater by $10 million, giving it $16 million in all, for alternative equity strategies.
Also, it changed the assignment of Heinhold to run arbitrage trading from another alternative strategy.
Further details about the assignments were unavailable.
Assets came from a reallocation among managers.