San Antonio (Texas) Fire & Police Pension Fund hired New England Pension Consultants to help the $1.46 billion plan search for its first hedge fund-of-funds manager, to run $75 million, said Warren Schott, executive director. NEPC is not replacing Consulting Services Group, the plan's investment consultant. A timeframe for the search has not been determined. Funding would come from an internally managed iShares S&P 500 fund.
Separately, fund officials plan to search for an emerging markets equity manager to handle $60 million, Mr. Schott said. The portfolio's previous manager, Capital Guardian Trust, was terminated for performance. All questions about the search should go to Consulting Services Group, he added. CapGuardian spokesman Chuck Freadhoff declined comment.
The plan also committed $10 million to Intercontinental Real Estate to run in a value-added real estate portfolio, Mr. Schott said. Funding will come from its 8% real estate allocation.
