Ohio Police & Fire Pension Fund, Columbus, will issue RFPs for an international small-cap equity manager and a high-yield fixed income manager “sometime in the next two months,” confirmed spokesman David Graham.
The board of the $11 billion fund voted on Wednesday to authorize the RFPs.
The equity search is the result of a shift in the fund’s non-U.S. equity allocation to include small-cap equities. Acadian Asset Management was terminated from a $576 million international equity portfolio in August to make room for the new allocation. The exact size of the portfolio up for bid search has yet to be determined; Mr. Graham said the fund is slightly overweight international equities and the portfolio amount could be reduced.
The high-yield search is the result of an increase in the fund’s allocation to 15% from 8% in February. That month, the fund voted to increase its overall fixed-income allocation to 51.6% from 20%. The amount of the portfolio up for bid also has not been determined.