Pennsylvania Turnpike Commission, Harrisburg, hired SSARIS Advisors to run $5 million in a hedge fund-of-funds portfolio and ASB Real Estate Investments to run $5 million in a core open-end real estate portfolio for its $160 million retiree medical trust, confirmed David Russell, director of manager research at the commission's investment consultant, Investment Performance Services.
RFPs were issued in February following a June 2011 asset-liability study by IPS that created a new asset allocation.
The trust's current targets are 50% equities, 30% fixed income and 5% each to commodities, hedge funds of funds, REITs and real estate.
Other finalists for the hedge fund-of-funds search were EnTrust Capital and SkyBridge Capital. Other finalists in the real estate search were Clarion Partners and Prudential Real Estate Investors.
Commission spokesman Carl DeFebo did not have further information by press time.
