Alaska Retirement Management Board, Juneau, committed or invested $600 million to three managers, and added two investment options to its defined contribution plans, said a summary of recent board actions provided by a spokeswoman.
The board committed $200 million to BlackRock U.S. Core Property Fund, a core real estate fund, and redeemed its full investment in the UBS Trumbull Property Fund, managed by UBS Realty Investors, which had $202 million in assets as of Feb. 28, according to the board's most recent financial report. A reason for the redemption was not provided.
The board also invested $200 million each in PineBridge Investments' Global Dynamic Asset Allocation Fund and Fidelity Investments' Signaling Portfolio strategy. The summary did not provide funding sources or asset class information.
Also, for its defined contribution plans, the board hired BlackRock to run a passive fixed-income option benchmarked to the Bloomberg Barclays U.S. Aggregate Bond index, and hired Baillie Gifford to manage a component strategy in the international equity fund. Further information was not available.
The board oversees the management of $30.9 billion in defined benefit and defined contribution plan assets, including the $16.3 billion Public Employees' Retirement System and $8 billion Teachers' Retirement System.
As of Feb. 28, the asset allocation of all non-participant-directed assets was: 24.2% global equities ex-U.S.; 24% broad domestic equities; 16.7% real assets; 9.6% opportunistic strategies; 8.7% private equity; 8.4% fixed income composite; 7.4% absolute return; and 1% cash equivalents.
The board spokeswoman could not be immediately reached to provide further information.