Alaska Permanent Fund Corp., Juneau, picked Crestline Investors as the fund's first absolute-return manager. Crestline will invest $250 million for the $28 billion fund in a low-risk strategy; the source of funding has not yet been determined, said spokeswoman Laura Achee. Callan Associates assisted.
The fund's board also decided to search for a second emerging markets equity manager; further details were not available. Currently, the fund has $355 million invested in Capital International's Emerging Markets Growth Fund.
In addition, COO Bob Bartholomew was named acting executive director as of July 1, the day after Executive Director Bob Storer retires. Fund trustees and staff continue to check into the backgrounds of two finalists for the job: Mike Burns, the retired president of Key Bank of Alaska, and David Miles, a former senior executive with AMCORE Financial.