Ohio Police & Fire Pension Fund, Columbus, will conduct a search for a multistrategy manager within its portable alpha allocation to manage about $240 million, said David Graham, spokesman, in an e-mail.
The $13.7 billion pension fund's board approved the search criteria on Wednesday. It is the result of a change in the overall structure of the pension fund's $3.5 billion domestic equity allocation.
Mr. Graham said specific details regarding the search, regarding a timeline and whether it will be invitation-only or an RFP will be issued, will be discussed at a future board meeting. Funding will likely come from the June termination of Columbia Threadneedle Investments, which ran $442 million in active domestic small-cap core equities, due to underperformance.
The pension fund issued an RFP last month for a replacement manager to run $225 million. Columbia Threadneedle spokesman Carlos Melville declined comment in August on the termination.
The new domestic equity structure is 50% portable alpha strategies, 40% passive large cap, 7.5% traditional active small cap and 2.5% synthetic small cap. Previously, the structure was 50% passive large cap, 40% portable alpha and 10% traditional active small cap.
General investment consultant Wilshire Associates is assisting.
