Nashville (Tenn.) & Davidson County Metropolitan Government Employee Benefit Trust Fund hired Pacific Investment Management Co. to run $100 million in its managed volatility equity strategy, said Fadi BouSamra, chief investment officer, in an e-mail.
Funding will come from reducing domestic equities. It is the pension fund's first allocation to a managed volatility equity strategy. Mr. BouSamra said details will not be worked out until implementation in about eight weeks. No managers will be terminated.
Separately, the $2.7 billion pension fund committed $30 million to OSP Value Fund, an opportunistic credit fund managed by O'Brien-Staley Partners.
Investment consultant Summit Strategies Group assisted.
