Employees Retirement Systems of Puerto Rico Electric Power Authority, San Juan, appointed Edinburgh Fund Managers and Armstrong Shaw Associates each to manage $100 million U.S. equity portfolios. The two managers replace American Re Asset Management, which will close in July, said Ken Kaczmarek, president of American Re Asset.
The plan has $1.6 billion in assets, with 15% administered internally. Of the balance, 65% of the plans assets are in equity and 20% in bonds.
Kalson & Associates advised.