St. Louis Firefighters’ Retirement Plan completed its first asset allocation study, said Janice Fairless, human resources specialist.
The $22 million pension fund’s target allocation will be 30% each domestic large-cap equities and international equities, and 20% each core fixed income and domestic smidcap equities.
The Firefighters’ Retirement Plan was created Feb. 1, 2013, the same day that benefit accruals were frozen in the $445 million St. Louis Firemen’s Retirement System.
Active fixed-income manager Garcia Hamilton & Associates runs $4 million. The manager was the pension fund’s first active manager hire in April. Other funds are temporarily parked in Vanguard Group index mutual funds.
The pension fund’s board in May approved the hiring of Great Lakes Advisors as an active domestic smidcap equity manager. The amount of the manager’s portfolio is contingent upon ongoing contract negotiations.
Ms. Fairless said searches for domestic large-cap equities and international equities have yet to be approved and will likely be discussed at the pension fund’s July 30 board meeting.
Investment consultant Dahab Associates is assisting.
