San Jose (Calif.) Police & Fire Department Retirement Plan approved transferring $245 million to a different Northern Trust Asset Management passive strategy to reduce the plan’s exposure to international small-cap equity and increase exposure to international large-cap equity, said Arn Andrews, the plan’s chief investment officer, in an interview.
Mr. Andrews said the change was approved at the $3 billion pension fund’s Sept. 4 meeting, moving the $245 million to the Northern Trust MSCI World ex-U.S. index strategy from the Northern Trust MSCI World ex-U.S. IMI index strategy.
