Kansas City (Mo.) Police Employees' Retirement System will likely begin a search later this year for two managers to run up to $40 million each, one in high-yield bonds and the other in commodities, and a third to manage up to $24 million in emerging markets equities, confirmed James Pyle, board pension manager of the $800 million plan. The source of funding has not been determined.
Separately, the board approved an asset reallocation that increased the target for alternative investments to 13% from 5%; decreased its equities target to 59% from 62% and cut the fixed-income target to 28% from 33%, Mr. Pyle said. Consultant DeMarche Associates assisted.