Iowa Municipal Fire & Police Retirement System, Urbandale, will undertake an asset allocation study of its $1.3 billion fund. Summit Strategies, its newly hired general consultant, will conduct the study, said Dennis L. Jacobs, executive director and CIO. The system's board will consider any investment changes or new asset classes Summit finds appropriate, he added. "The board felt it was time to look for a fresh view of the program," he said. Summit replaced Wilshire Associates.
The board's allocation is 30% fixed income, including 5 percentage points in high yield; 30% U.S. equities; 20% international equities; and 10% each in real estate and private equity. A timeframe for the study hasn't been set, although Mr. Jacobs expects it to be completed in the next few months.