Ohio Public Employees Retirement System, Columbus, hired risk-parity managers AQR Capital Management, BlackRock, Bridgewater Associates, First Quadrant and PanAgora Asset Management to run a total of up to $350 million, confirmed spokesman Michael Pramik.
AQR Capital will run $25 million; the others each will manage between $25 million and $100 million with exact amounts subject to contract negotiations and operational due diligence, according to an e-mail from Mr. Pramik.
The $74 billion pension fund issued an RFI in April.
The funding source has not been determined.
OPERS' target opportunistic allocation is 2%; its current allocation is 0.5%.
Investment consultant NEPC assisted.