Norwalk (Conn.) Employees Pension System committed $18 million to the Artisan International commingled fund, said Frederic J. Gilden, comptroller. Funding came from terminating Deutsche Asset Management because of personnel changes; it ran $20 million in active global small-cap equities for the $240 million pension plan, he said. The remainder of that portfolio went into cash.
The plan also committed an additional $7.5 million each to hedge fund managers Ivy Asset Management and Blackstone Alternative Asset Management, increasing both portfolios to $15 million, and added $10 million to an active domestic core fixed-income portfolio run by Capstone, bringing it to $60 million, Mr. Gilden said. Funding came from reducing an active domestic core fixed-income portfolio managed by Morgan Stanley to $25.5 million from $50.5 million, he said.
Evaluation Associates advised.