Missouri Local Government Employees Retirement System, Jefferson City, hired PanAgora Asset Management to run a $165 million global equity multialpha portfolio, said Brian Collett, CIO. The strategy combines stock selection with country-specific overlay to use both a top-down and a bottom-up approach, he said.
Officials of the $3.5 billion pension plan added the new manager because current international managers Hansberger Global Investors and INVESCO have reached their allocation limit; each firm now manages about $440 million, he said.
Separately, the plan allocated $100 million for a TIPS portfolio and $80 million for a commodities portfolio to PIMCO. The firm already runs global equities for the system. Withthe new mandates, PIMCO will manage a total of $360 million.
Fidelity also received an additional $100 million to core-plus fixed income; Fidelity now will run $210 million in the asset class.
The changes were made for diversification purposes, Mr. Collett said. The system does not use a consultant.