Aurora (Ill.) Police & Fire Pension System is considering moving up to 35% of its $104 million fund into equities because of new state legislation that expands the investment authority of police and fire funds.
Currently, the fund only invests in Treasury bonds and bills with managers 1838 Investment Advisors and Zurich Investment Management. Fund officials will meet at the end of October to discuss possible investment strategies.
Smith Barney is the fund's consultant.
The California State Teachers' Retirement System's staff is recommending the fund continue active domestic equity management with a 20% target allocation and range of 15% to 25% of assets.
The fund's board has been considering whether to adopt an all-passive strategy or continue with a small percentage in active U.S. equity. The Sacramento-based fund has 10.6% of its $28.3 billion in active U.S. equity assets.
The staff's recommendation is supported by the $80 billion fund's general pension consultant, Pension Consulting Alliance.
The board is expected to make a decision next week.
GLOBALT introduced a new separate account strategy - the ``20 Best'' Concentrated Portfolio. The strategy's objective is to provide excess return over broad market benchmarks by actively managing a concentrated portfolio of about 20 of the best stocks from GLOBALT's other portfolios. The new strategy is designed for institutional investors with a minimum investment of $10 million.
GLOBALT manages stocks of large-cap U.S. companies that derive a high percentage of revenue from non-U.S. sources and compete well on a global basis, especially in emerging markets.
New York City Deferred Compensation Plan hired ICMA as its education and communication vendor. The firm replaces FASCorp, which will continue to provide record-keeping services for the $2.5 billion plan. ICMA will conduct various presentations for current plan participants and potential new enrollees. Mercer assisted.