Hawaii assigns $1.6 billion total to 4 managers for options-based strategies

Hawaii Employees' Retirement System, Honolulu, hired four managers to run $400 million each in equity-oriented options-based strategies, said Vijoy Chattergy, chief investment officer, in an e-mail.

The managers are Neuberger Berman, Analytic Investors, UBS Asset Management and Gateway Investment Advisers.

Funding will come from restructuring the equities portfolio and rebalancing within the stabilized growth portfolio, which currently holds covered calls and credit, Mr. Chattergy wrote.

Further information on the funding sources could not immediately be learned.

The $14.1 billion pension fund has targets of 22.5% each to public equity and stabilized growth strategies.

In September, the pension fund announced it was reconsidering the level of active vs. passive management in its equity portfolio, and that it intended to move toward more global strategies. Searches for global equity managers are underway.