Seattle City Employees’ Retirement System hired AQR Capital Management to run a $50 million customized long/short equity strategy, said Jason Malinowski, chief investment officer, in an e-mail.
The $2.3 billion pension fund’s board approved the investment in the “custom fund” following a presentation on long/short equity by investment consultant NEPC. The customized fund will invest in both the AQR Delta and AQR Style Premia strategies, Mr. Malinowski said.
Separately, the pension fund is searching for a permanent executive director, Mr. Malinowski said. Ken Nakatsu, who had previously retired as departmental operations chief for city of Seattle, has been serving as interim executive director since previous leader Cecelia Carter resigned in mid-2013. Mr. Malinowski said Mr. Nakatsu will be “re-entering” retirement after the permanent position is filled.
“While the board has been very pleased with Ken’s tenure as interim ED, it is a position that he began in 2013 and has held longer than expected,” Mr. Malinowski said.
Online applications are due on Oct. 7. The job listing is available here.
Alliance Resource Consulting is assisting with the executive director search.