Montgomery County Employees' Retirement System, Rockville, Md., rebalanced the $1.7 billion fund following the recent stock market drop, said Julie Dellinger, executive director.
The system shaved equal amounts from its two core fixed-income managers, J.P. Morgan and BlackRock. That money was given in equal parts to Systematic Financial, an active domestic equities manager, and Rhumbline Advisers, a passive domestic stock manager, she said. The goal is to have 48% of assets in domestic equities.
In another development, the county is holding a public hearing Sept. 29 on two bills it has asked county lawmakers to pass. One would move the assets of the county's $150 million 457 plan into a trust; the second would remove the 10% cap on foreign stock holdings.