Stamford (Conn.) Policemen's Pension Fund hired Clearbrook Global Advisors as the pension fund's first outsourced CIO, said Michael Noto, chairman of the $200 million pension fund.
Clearbrook's investment committee will oversee the pension fund's assets and provide discretionary management, including manager research and selection, asset allocation and due diligence.
Clearbrook had been a non-discretionary money manager for the pension fund since 2011. The pension fund decided to expand its relationship with Clearbrook by giving them discretionary authority, Mr. Noto said.
“We've been thrilled with Clearbrook, and this gives us an opportunity to strengthen our relationship with them,” Mr. Noto said in a phone interview.
Clearbrook has a two-year contract with the pension fund with options for renewal.
