<!-- Swiftype Variables -->


Michigan Municipal graduates emerging manager SPI, ups allocation


Michigan Municipal Employees' Retirement System, Lansing, promoted money manager SPI Strategies out of its emerging managers program, at the same time increasing its allocation to SPI's long/short hedge fund to $100 million from $25 million, confirmed Jeb Burns, chief investment officer, in an interview.

Mr. Burns said SPI is being graduated out of the program because of its strong performance in its one-year relationship with the $10 billion pension plan.

The SPI fund returned 17.05%, compared to the S&P 500's 17.17% return, for the year ended March 31, but did so with less volatility, around 12% compared to the S&P 500's 15%, he said.

Mr. Burns said the manager has been moved to the system's $1.2 billion diversifying strategies portfolio. He said the funding for the larger allocation will come from reducing some yet-to-be determined manager allocations in the $4.5 billion equity portfolio.