Alaska Retirement Management Board, Juneau, hired Zebra Capital Management to run $200 million total in two hedge fund strategies, pending successful contract negotiations, said a board meeting summary provided by Judith Hall, liaison officer.
The strategies are Zebra Capital Management’s global equity beta neutral strategy and global equity advantage strategy. The summary said that a split of 70% to the equity beta neutral strategy and 30% to the advantage strategy was recommended to the board by the investment staff, but it couldn’t be learned by press time whether that recommendation had been approved.
A funding source has not yet been determined.
Separately, the retirement board staff is now permitted to use swaps, futures and portable alpha on the Russell 1000 and 2000 indexes, not to exceed $500 million in each transaction. Previously, only external equity, absolute-return and cash-equitization managers were permitted to use futures contracts. External equity and absolute-return managers and fixed-income staff members were permitted to use swaps. Staff members will also internally manage a cash-equitization program, previously managed by State Street Global Advisors. Through September 2015, net gains from the program totaled roughly $15.2 million. The program started in July 2006.
The board oversees more than $26 billion in retirement assets.
