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.
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.