Arizona Public Safety Personnel Retirement System, Phoenix, is looking for active managers for its $4.8 billion equity portfolio, confirmed James Hacking, executive director.
Officials of the $7 billion fund decided to outsource the portfolio, which had been internally managed, based on a recent asset allocation study conducted by Ennis Knupp. As a first step, the money was moved to Wilshire 5000 and MSCI All Country World ex-U.S. index funds run by BGI.
Mr. Hacking said that staff will be reviewing other asset classes, but he doesn't anticipate outsourcing those at this time.
The system also hired Bank of New York Mellon as a global custodian for the portfolio, replacing Wells Fargo.