San Mateo County Employees' Retirement Association, Redwood City, Calif., hired PanAgora Asset Management to run a risk-parity strategy, subject to due diligence, said recently released board meeting minutes.
The allocation amount and funding source could not be learned by press time. The $3 billion pension fund has a 6% allocation to risk parity and an 8% target.
The other finalist was Bridgewater Associates. AQR Capital Management also runs a risk-parity strategy for the fund.
Michael Coultrip, chief investment officer, did not return a telephone call seeking further information.
