Ohio Police & Fire preps market-neutral search

Ohio Police & Fire Pension Fund, Columbus, will begin a search by year’s end for a market-neutral manager to run between $300 million and $400 million. The hire will be the final element of the plan’s portable alpha program, which was established in 2005, replacing the large-cap domestic equity portfolio, said David Graham, a spokesman for the $13 billion fund. The target allocation to the entire portable alpha portfolio is about 10% of plan assets, and the fund already hired enhanced equity, global macro and active currency managers. The RFP will be posted on the plan’s website at www.op-f.org, although the date for posting hasn’t been set.