In March, the retirement system board approved a new target asset allocation, which included increases to public equity and fixed income and decreases to private equity and real estate. Russell is expected to provide transition management services related to the allocation changes and any future changes.
A search for a transition manager was launched earlier this year. Investment consultant NEPC assisted.
Kelly Gottschalk, executive director, was not immediately available for additional information.
Separately, the $2.7 billion pension fund terminated W.R. Huff Asset Management Co. as a high-yield manager to bring its current high-yield allocation closer to its 5% target, the meeting summary indicated. The pension fund has about $37 million invested with W.R. Huff and $126 million invested with Loomis Sayles, also in high yield, which brings the current high-yield allocation to approximately 6% of total pension fund assets. Redeemed funds from W.R. Huff are expected to help the pension fund with some of its cash flow needs. Loomis Sayles will be retained.