Shelby County Retirement System, Memphis, Tenn., hired nine managers to further diversify assets and boost returns, said David Pontius, manager of pension investments. The $825 million pension fund selected hedge fund-of-funds managers ArchStone Partners to run $18.8 million; Ironwood International, Lazard Alternative and Gerber/Taylor Associates to run $16.9 million each; and Niagara Capital Advisors to run $5.6 million.
System officials hired Bridgewater Associates and Brandywine Asset Management to run $40 million each in active global fixed-income portfolios. They also hired Thornburg Investment Management to run $80 million in active international equities and MB Ventures to run $5 million in private equity.
Mr. Pontius said the system has $42 million in a Northern Trust EAFE account that will be moved to active management in an effort to increase returns; Northern Trust will be terminated. Funding for the remainder of the hires will come from rebalancing fund assets, Mr. Pontius said. Consulting Services Group assisted with the shortlist searches.