Springfield (Mo.) Police Officers' & Firefighters' Retirement System hired active emerging markets equity manager Wells Capital Management to run $20 million and hedge fund-of-fund managers Blackstone Group and EnTrust Capital to run $10 million each, confirmed Janell Manley, administrative director.
The hires are a result of the $208 million retirement system's new asset allocation approved in November and will likely be funded from equities, said Ms. Manley in a telephone interview. No managers will be terminated.
Segal Rogerscasey conducted the invitation-only search.
The new target allocations for the retirement system are: 16% domestic equity; 15% developed market equity; 10% each long-term fixed income, core fixed income, emerging markets equity and hedge funds of funds; 9% developed market fixed income; and 5% each, inflation-linked fixed income, emerging markets debt, real estate and commodities.
The retirement system's previous targets were 35% domestic equity; 24% core fixed income; 20% developed market equity; 11% developed fixed income; and 5% each, real estate and commodities.
