Fresno County (Calif.) Employees' Retirement Association hired Parametric Portfolio Associates as a cash overlay manager, said Donald Kendig, retirement administrator, in an e-mail.
Parametric will manage a notional exposure of between $80 million and $160 million, or roughly 2% to 4% of the overall pension fund portfolio in a cash overlay.
The $4 billion pension fund does not currently have a cash overlay manager. An earlier program with State Street Global Advisors was discontinued several years ago.
The pension fund also rehired Segal Consulting as actuary, pending successful contract negotiations, Mr. Kendig said. An RFP was issued in August as a due diligence measure.
