New Mexico State Investment Council, Santa Fe, plans to look for an external hedge fund manager this summer, said Charles Wollmann, spokesman for the $14.1 billion system.
The expected search is the result of an asset allocation change that will cut the council's hedge fund target to 5% from 15%, overseen by Adam Levine, deputy state investment officer. Mr. Levine has left the council to join Texas Trust; further information could not be learned by press time.
The size of the hedge fund mandate, the date of the search, or how the portfolio will be structured has not yet been determined, Mr. Wollmann said.
A search for a new deputy investment officer is planned, but details of that search have not been finalized; the person chosen for the job will not be running the hedge fund allocation.
As part of the asset allocation change, the equities target was cut to 55% from 61%, while fixed-income target was increased to 20% from about 18% and private equity was increased to 10% from 6%. Further allocation details could not be learned by press time.
Separately, the council expects to launch an RFP sometime this summer for a general consultant. Incumbent NEPC’s contract, which was set to expire June 30, has been extended by 90 days to give council officials time to conduct a search. NEPC will be invited to rebid. The RFP is expected to be posted the council’s website at http://www.sic.state.nm.us.
The council also extended the contract of Credit Suisse First Boston, its securities lender, for a year. Its contract was also set to expire June 30.
