Memphis (Tenn.) City Retirement System reduced a broad-based customized index strategy managed by RhumbLine Advisers by $125 million, leaving it with $80 million, confirmed Sam Johnson, investment manager for the $2.3 billion fund. Fund officials moved $55 million to a $137 million S&P 500 index fund, also run by RhumbLine. Another $20 million was moved to an active domestic fixed-income portfolio managed by Highland Capital Management, which now totals $110 million. The remaining $50 million was transferred to an active domestic fixed-income portfolio run by SunTrust Bank, which now totals $312 million.
Separately, the fund added $5 million to an active domestic large-cap value equity portfolio run by Paradigm Capital Management, which now totals $43 million. Funding comes from reducing an active domestic large-cap growth equity portfolio run by Barrow Hanley Mewhinney & Strauss to $240 million.
The changes were made for rebalancing.