City of Memphis (Tenn.) Retirement System will conduct an asset allocation review starting in November. The $1.8 billion system is conducting the review to ensure it has the optimal asset mix, said Sam Johnson, senior investment analyst. Wilshire Associates will assist.
In addition, pension fund officials hired Ariel Capital Management to handle $20 million in active domestic midcap value equities. Funding came from a $40 million reduction to active domestic large-cap value manager Barrow Hanley; the firm continues to manage $200 million for the system. The remaining $20 million will go to RhumbLine, bringing that firm’s completeness fund for the city to $156 million. The manager has the ability to invest the city’s assets in any domestic equity discipline in which it believes the city is not sufficiently exposed.
Also, the system has converted its $60 million active domestic midcap value equity portfolio with New South Capital into an active domestic small-cap value portfolio.
Wilshire assisted with all the moves.
