Louisiana Sheriffs' Pension & Relief Fund, Baton Rouge, is adding a total of about $72 million to existing managers, said Osey “Skip” McGee Jr., executive director.
The $1.9 billion pension fund's investment consultant, Russell Investments, advised on the additional allocations, which were funded from cash.
The pension fund will add a total of $22 million to two fixed-income portfolios managed by Pacific Investment Management Co.: $15 million to investment-grade fixed income, to bring it to a total of $58 million; and $7 million to core-plus fixed income, for a total of $161.5 million.
The pension fund also added a total of $30 million to two Mellon Capital Management passive domestic equity portfolios: $20 million to Mellon's large-cap index fund, bringing the total to $47 million; and $10 million to Mellon's midcap index fund, for a total of $49 million.
The fund also approved an additional $20 million but has yet to determine to which portfolio it will allocate that money. All the equity allocations are pending a 60-day review period, Mr. McGee said in a telephone interview.
The changes will give the fund actual allocations of 56% equities; 33% fixed income; and 11% alternatives.
Also, the fund has been considering commodities, but the board voted to take a “wait-and-see” approach pending developments in Europe and other areas of the global economy, according to Mr. McGee.
