Employees' Retirement System of Texas, Austin, has approved a new...

Employees’ Retirement System of Texas, Austin, has approved a new asset allocation mix for its $19 billion fund, said Jim Sherwin, director of domestic equities. It is: 37% large-cap U.S. equities; 4% small-cap U.S. equities; 18% international equities; 37% domestic fixed income; and 4% domestic high-yield fixed income. The current mix is: 36% large-cap U.S. equities; 10% international equities; and 54% domestic fixed income. The change will "most likely lead to manager searches in the high-yield area,’’ Mr. Sherwin said, adding that the system has no time line for searches. Most of its fixed-income and equity assets are currently run in-house.