Virginia Retirement System, Richmond, is moving $130 million from its actively managed domestic equity portfolio into its long-short program, said Nancy Everett, deputy chief investment officer.
The $23 billion pension fund hired Symphony to manage $100 million in a long-short strategy and gave the balance to existing long-short manager Numeric Investors. With the allocations, the system will have $1.02 billion in its long-short strategy. The fund has not yet determined from which domestic managers it will shift the money; Ms. Everett said none would be terminated.
The fund also is conducting an asset allocation study and might consider increasing its core international equity exposure, she said. Watson Wyatt Worldwide, which is conducting the study, will present its recommendations in the first quarter of 1997. The fund last conducted an asset allocation study two years ago.