Denver Public Schools Retirement System hired Callan Associates to conduct an asset-liability study, to be finished in mid-August, said David A. Stella, executive director. The $2.5 billion pension plan conducts a study every five years; it is too early to predict if there will be any change in investment managers, he said. The funds asset allocation is 30% domestic equity, 14% international equity, 20% domestic fixed income, 17% mortgages, 13% equity real estate, 5% private equity and 1% cash.
Separately, general consultant Hewitt Investment Group is compiling a shortlist in a search for an investment manager to run $43 million in active domestic small-cap growth equities, Mr. Stella said. Funding will come from terminating Essex Investment Management for performance; Essex ran the money in a similar style. The shortlist will be presented to the board at a meeting in May, he said.
Christopher McConnell, CFO at Essex, did not return calls by press time seeking comment.