Knoxville (Tenn.) City Employees' Pension Fund will likely revise its investment policy over the summer to add some alternative investments, said Mike Cherry, executive director. The board of the $470 million plan is considering a hedge fund of funds and possibly a private real estate investment, although Mr. Cherry said it's too early to specify a funding source or how much would be invested.
Separately, fund officials hired Griffin Securities to run about $28 million in active international growth equities, subject to a finalized contract, said Mr. Cherry. The manager will replace Oechsle International Advisors, which was terminated for performance. Stephen Langer, Oechsle director of marketing and client services, was not available for comment by press time. Summit Strategies assisted in the shortlist search.