General Motors Investment Management Corp., which oversees GM's $70 billion pension fund, picked three market-neutral managers. Selected were Barclays Global Investors, Martingale Asset Management and Rosenberg Institutional Equity Management.
Individual allocations were not known, but it is believed they total about $500 million.
A second round of hires is expected shortly. Officials at the New York-based GM pension fund did not respond to requests for comment.