Kansas Public Employees Retirement System, Topeka, hired T. Rowe Price to manage $350 million in core-plus fixed income, confirmed Robert “Vince” Smith, chief investment officer of the $12 billion system.
TCW, which had run $463 million in that strategy, was terminated in January because of personnel changes. It could not be learned by press time where the remaining $113 million is invested.
The board also committed up to $35 million to the Blackstone/GSO Capital Solutions fund, which focuses on credit-related strategies and private market lending, and up to $30 million in Wellspring Capital Partners V, which focuses on small- and middle-market buyouts, Mr. Smith wrote in an e-mail.
Also Loomis Sayles was hired to run an initial $250 million in the system's new high-yield bond strategy that could grow to 5% of fund assets, or about $600 million.
Mr. Smith could not be reached for further details by press time.
LACERS commits $15 million to private equity...
Los Angeles City Employees' Retirement System committed $15 million to J.H. Whitney VII, according to the agenda for the May 11 board meeting. Private equity consultant Hamilton Lane, which makes discretionary investments for LACERS within certain guidelines, made the commitment on behalf of the $9.9 billion system.
While LACERA goes with BlackRock for currency hedge
Los Angeles County Employees Retirement Association, Pasadena, Calif., hired BlackRock Institutional Trust to manage a passive 50% currency hedge for its $3.7 billion international developed markets equity portfolio, said Lisa Mazzocco, chief investment officer of the $35 billion association. The hedging strategy is new, adopted by the board following an asset-liability study it completed in June 2009, she said.
Louisiana Teachers sticks with VALIC for 401(a)
Louisiana Teachers' Retirement System, Baton Rouge, rehired VALIC as a bundled provider of the 401(a) plan, confirmed Stuart Cagle, the system's deputy director.
VALIC is one of three providers for the 401(a) plan, along with TIAA-CREF and ING. Mr. Cagle said he couldn't immediately provide information on the 401(a) plan's total assets or how much each provider oversees.
VALIC provides 14 investment options and oversees $355 million of the 401(a) plan's assets as of March 31, according to Caroline Grossman, a spokeswoman for VALIC.
Maryland System hires new real estate consultant
Maryland State Retirement and Pension System, Baltimore, hired Pension Consulting Alliance to serve as the $33.7 billion fund's real estate consultant, said Michael Golden, a fund spokesman.
The system also rehired Altius Associates as its private equity consultant, he said.
The system's incumbent real estate consultant, PCA Real Estate Advisors, an affiliate of Partners Group, did not rebid.
William Blair, GMO get the nod from New York State Teachers
New York State Teachers' Retirement System, Albany, hired William Blair and Grantham Mayo van Otterloo to manage $250 million each in international growth equities, according to the $82.5 billion system's website.
Funding for the two hires will come “from within the international equity allocation,” said Heidi Brennan, a spokeswoman for NYSTRS. She would not elaborate.
The board also approved one-year contract renewals, effective July 1, for REIT managers Adelante Capital Management, which runs $235 million; Cohen & Steers, $560 million; and RREEF America, $270 million.
Penn. system hires Aksia as first hedge fund consultant
Pennsylvania Public School Employees' Retirement System, Harrisburg, hired Aksia as its first hedge fund consultant, pending contract negotiations, confirmed Evelyn Tatkovski, system spokeswoman. In March, trustees at the $43.2 billion system approved an increase in absolute-return strategies to 10% of assets, up from 7.5%.
San Bernardino plan goes with Declaration, GoldenTree
The $5.1 billion San Bernardino County (Calif.) Employees' Retirement Association invested $35 million in Declaration Management & Research's opportunistic fixed-income alternative strategy, a structured credit investment, and $25 million to GoldenTree Asset Management's Distressed Debt fund.
Oaktree funds get commitments from Tennessee system
Tennessee Consolidated Retirement System, Nashville, committed $40 million each to Oaktree Opportunities funds VIII and VIIIb, confirmed Lamar Villere, director of private equity for the $29.8 billion system.
TCRS has a private equity target of 3% and a cap of 5%; Mr. Villere said about $300 million has been committed.
Consultant Strategic Investment Solutions assisted.
Texas Muni picks ORG Portfolio Management as real estate consultant
Texas Municipal Retirement System, Austin, hired ORG Portfolio Management as the $16.7 billion system's real estate consultant, confirmed spokesman Bill Wallace.
The system is adding real estate as an asset class and expects to allocate 10% of total assets to the portfolio, Mr. Wallace said.