Delaware Public Employees’ Retirement System, Dover, is withdrawing $40 million from an Oaktree Capital Management international convertible securities account and allocating $39 million of it to an international equity fund managed by Sanderson Asset Management.
The remaining $1 million will go to cash, Administrator David Craik said in an interview. The change was approved at a March 27 board of trustees meeting.
The $9.2 billion pension fund is also taking $50 million from an S&P 500 index allocation, managed by Mellon Capital to put into cash. “We were bumping up against our risk index because of some pretty strong equity returns,” Mr. Craik said.