The Missouri State Employees' Retirement System, Jefferson City, plans to increase its direct hedge fund investments, moving money out of hedge funds of funds, according to a news release. Currently, half of the $6.2 billion system's $1.6 billion in hedge fund exposure is through funds of funds, according to the release. Spokeswoman Christine Rackers said there is no specific timeline for allocation changes or new manager hires. The board also voted Thursday to add four new staff members to help with the shift and will begin advertising on July 1 for an individual to fill the first position, manager of hedge funds. Fund officials hope to make a selection this summer. It has not been decided if an external search firm will be used.
The system currently has 10 investment staff members.