Fresno (Calif.) County Employees' Retirement Association hired State...

Fresno (Calif.) County Employees' Retirement Association hired State Street Global Advisors to run a cash overlay program for the $2.5 billion system, said Roberto Pena, retirement administrator. The overlay will help mitigate "cash drag," or the risk of holding cash positions too long and hurting portfolio returns, he said. Mr. Pena did not know how the strategy would be executed and declined to offer specifics.