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December 15, 2015 12:00 AM

San Joaquin County chooses PanAgora for risk parity

Meaghan Offerman
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    San Joaquin County Employees’ Retirement Association, Stockton, Calif., hired PanAgora Asset Management as a risk-parity manager, pending successful contract negotiations, said CEO Annette St. Urbain in an e-mail.

    An allocation size could not be learned by press time.

    The other finalists were AQR Capital Management and Invesco.

    Earlier this year, the $2.5 billion pension fund board voted to redeem its roughly $78.4 million investment in Pacific Investment Management Co.'s All Asset All Authority. The investment was part of the pension fund’s risk-parity allocation but was not a “true risk-parity strategy,” Ms. Urbain said at the time, noting that funds would temporarily be transferred to existing risk-parity manager Bridgewater Associates. Whether PIMCO is the funding source for PanAgora could not be learned by press time.

    The pension fund has a 14% target to risk parity.

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