Alaska Permanent Fund Corp., Juneau, hired NISA Investment Advisors as a liquidity overlay manager, said a news release from the $61.2 billion sovereign wealth fund on Thursday.
The goal of the program is to reduce "cash drag across the entire APFC portfolio through targeted synthetic exposure to the equity and fixed-income markets," said materials prepared for this week's board meeting. Further details were not provided.
A shortlist search was launched in July. Investment consultant Callan Associates assisted with the search.
A permanent fund spokeswoman could not immediately be reached for additional information.