New York State Common Retirement Fund, Albany, made several hirings and commitments.
The approximately $88 billion fund hired J.P. Morgan Investment Management for a $250 million research-enhanced, indexed U.S. equity portfolio; assets came from cash. The pension fund also transferred $100 million to the Barclays Global Investors Russell 2000 Alpha Tilts Fund B from the BGI Low Cap Fund; $2 billion remains in the low-cap fund.
In alternative investments, the fund committed $25 million to TCW/Latin America Private Equity Partners, which will primarily invest in middle market companies in Argentina, Brazil and Mexico, and $50 million to Behrman Capital II, which will invest in later-stage domestic companies with perceived technology risk. Assets will come from cash.
Montgomery County Employees' Retirement System, Rockville, Md., picked State Street Global to manage $15 million in an emerging markets fund, said Julie Dellinger, executive director of the $1.3 billion fund. The money, which will be deployed in an active/passive strategy through which State Street picks the countries and then passively invests the money in those countries, is coming from an international equity portfolio managed by Chancellor LGT, she said. Chancellor still runs about $50 million.
Carpenters Combined Benefits Funds of Massachusetts, Boston, hired Putnam Institutional Management to run $40 million in midcap equities. The $800 million fund terminated Investment Advisers because of staff turnover, said Jim Meketa of Meketa Investment Group, the consultant.
Cambridge (Mass.) Retirement System hired two firms for closed-end real estate funds, said Alison Ellsworth, the Segal Advisors consultant who assisted. The $270 million fund gave Hancock Timber and W.P. Carey $4 million each. Assets came from mature real estate investments and cash, she said