Stichting Pensioenfonds ABP, Heerlen, Netherlands, invested $100 million in an enhanced S&P 500 portfolio managed by Advanced Investment Partners, said Michel Meijs, spokesman for the 150 billion euro ($189 billion) pension fund. Also, ABP will provide initial funding for an enhanced MSCI U.S. large-cap equity index portfolio, also managed by AIP, to be launched next month. Mr. Meijs declined to specify that amount. Funding will come from cash.
The moves just about complete ABP's effort to increase equities to a target allocation of 36% from 33%, raise its alternatives target to 20% from 18%, and cut fixed income to 44% from 49%, Mr. Meijs said.
AIP is 75% owned by State Street Global Alliance, a joint venture of ABP and State Street Global Advisors. ABP has a one-third stake in the alliance, Mr. Meijs said.