Searches and Hires

Oakland Police & Fire preps defensive equity search, collars Parametric for allocation

Oakland (Calif.) Police & Fire Retirement System will launch a search for a defensive equity manager to run between $15 million and $20 million, said Teir Jenkins, investment officer.

The $376 million pension fund plans to issue a request for information sometime this week, Mr. Jenkins said. He had no further information on the potential funding source.

Interested managers must have their information updated on the eVestment database with information as of March 31 and submit answers to the questionnaire.

The RFI will be posted on the website of the pension fund's investment consultant, Pension Consulting Alliance, which is assisting in the search.

Mr. Jenkins said there are some adjustments being made to the RFI this week. The original due date on the RFI submitted to the pension fund's board on April 25 was May 18, which could change, Mr. Jenkins said.

As of March 31, the pension fund's total equity allocation was 52.9%, with 39.5% of the total fund in domestic equities and 13.4% in international equities. The domestic equity and international equity targets are 40% and 12% respectively.

Separately, the pension fund hired Parametric Portfolio Associates to manage about $25 million in an alternative risk premium strategy. The pension fund issued an RFI in October. Other finalists were AQR Capital Management and Lombard Odier Investment Managers. Mr. Jenkins had no further information on the hiring.

Pension Consulting Alliance assisted.