Manchester (N.H.) Employees’ Contributory Retirement System hired Standard Life Investments to manage $10 million in a global absolute-return strategy, said Gerard Fleury, executive director, in an e-mail.
The $198 million pension fund conducted a shortlist search following the April addition of a 5% target allocation to liquid alternatives. Other finalists were AQR Capital Management and William Blair & Co. It will be funded through rebalancing.
Investment consultant NEPC assisted.