Austin (Texas) City Employees' Retirement System hired AQR Capital Management and Harvest Fund Advisors to run risk-parity and MLP strategies, respectively, confirmed Kirk Stebbins, chief investment officer.
AQR will run 5% of assets for the $2.1 billion pension plan, or about $105 million. Harvest Fund Advisors will run 1.5% of assets, or about $31.5 million. No managers will be terminated to fund the new allocations, Mr. Stebbins said in an e-mail.
It is the first risk-parity and MLP hires for the pension plan. Investment consultant Summit Strategies Group assisted.