Missouri Public School Retirement System, Jefferson City, hired JPMorgan Fleming Asset Management and Prudential Investment Management to each manage about $100 million in core commingled real estate, subject to finalizing contracts, said Craig Husting, CIO. The $23.6 billion pension fund selected the firms from a shortlist compiled by plan officials and the Townsend Group, the fund's real estatTownsend Group, the fund's real estate consultant.
The hires are a step in implementing a $1 billion allocation to real estate, which plan officials approved earlier this year. Additional managers are expected to be hired, although no details were available. Funding will come from reducing fixed income, but officials have not yet determined which portfolios will be trimmed.