The Cincinnati Retirement System hired Allegiant Asset Management to handle a $225 million enhanced S&P 500 index portfolio and switched its $225 million active domestic large-cap core portfolio being managed by PanAgora Asset Management to an enhanced Russell 3000 index account, said John Boudinot, executive director for the $2 billion fund.
Fund officials decided to add the new portfolios to reduce the overall fund volatility, Mr. Boudinot said. Funding for the enhanced S&P account came from reducing the portfolios of several current active domestic equity managers, he said; he declined to identify them because they have not yet been notified.
The fund also picked four finalists in its search for a general investment consultant: Pension Consulting Alliance, Wilshire Associates, Marquette Associates and Ennis Knupp + Associates. Incumbent Smith Barney, which has been the fund's general investment consultant since 1997, declined to participate, Mr. Boudinot said. The finalists will be interviewed at the fund's Nov. 6 board meeting and a selection should be made shortly thereafter, he said. The fund issued the RFP in June.