Fort Worth (Texas) Employees' Retirement Fund will undergo an asset-liability study, said Joelle Mevi, executive director and chief investment officer, in an e-mail.
The $2.1 billion pension fund’s general investment consultant, RVK, will conduct the study with results expected to be presented at the Aug. 26 board meeting.
Ms. Mevi cited recent pension benefit changes and declining capital market assumptions as the reasons the study is being conducted. This is the first-asset liability study that has been conducted on the fund.
An asset allocation study is expected to follow the asset-liability study, which will consider new and current asset classes. New manager searches could come as a result of the asset allocation study or “subsequent asset class structure studies,” Ms. Mevi wrote.
As of March 31, the pension fund had an asset allocation of 18.1% fixed income, 17.57% absolute return, 16.4% domestic equity, 14.69% international equity, 12.95% real estate, 10.81% private equity, 8.48% real return and 1% cash.
