Colorado Fire and Police Pension Association, Englewood, will begin an asset liability study as soon as possible, said Bill Morris, CIO of the $2.4 billion fund.
Staff is gathering information on the cost of doing the study, which should be done by years end or early 2000. The current target asset mix is: 35% domestic equities; 25% international equities; 18% domestic bonds; 8% global bonds; 8% real estate; 5% private equity; and 1% cash.
Separately, trustees terminated Oppenheimer Capital as a large-cap equity manager and will temporarily place the $134 million portfolio in a $75 million Russell 1000 Value index fund managed by State Street Global Advisors. The staff is expected to make a recommendation in another few months on whether to search for another manager.
At its annual retreat, the board also approved a range of $20 million to $40 million in additional commitments to private equity deals next year. Pacific Corporate Group will screen the deals and make recommendations to trustees.
Lastly, board members are considering whether to create a directed brokerage or soft dollar program.