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December 01, 2015 12:00 AM

Austin Police Retirement taps Kennedy Capital for domestic small-cap equity

Meaghan Offerman
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    Austin (Texas) Police Retirement System hired Kennedy Capital Management to run about $30 million in active domestic small-cap value equity, CEO Sampson Jordan said in an e-mail.

    Funding will come from Permal Group, which is being terminated from a $30 million hedge fund-of-funds fixed-income strategy. The pension fund is looking to increase its equity exposure and reduce its fixed-income exposure, Mr. Jordan said.

    The termination is not related to Permal’s performance, he said.

    As of Sept. 30, the $628 million pension fund had a 49.4% equity allocation, made up of domestic large-cap equity and global equity, and a 12.1% allocation to fixed income. Its target range for equity is 25% to 60% and 10% to 30% for fixed income.

    Investment consultant The Bogdahn Group assisted.

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