Texas Municipal Retirement System, Austin, will invest in equities for the first time, confirmed spokesman Bill Wallace. The $13.8 billion fund plans to allocate up to 12% of assets to passive equities by the end of 2008, half domestic and half international, reducing its fixed-income allocation to 88%, according to the result of a target asset allocation approved last month. A timetable for the first round of equity hirings was not immediately available. The board also discussed a five-year transition plan in which 60% of assets would be invested in equities, with the remaining 40% to fixed income.
The fund hired its first investment consultant, R.V. Kuhns, in October to advise on a new investment policy and help implement on the diversification of its portfolio.
