Contra Costa County Employees' Retirement Association, Concord, Calif., hired AQR Capital Management and PanAgora Asset Management to run $215 million each in risk-parity portfolios, CEO Gail Strohl said in an email.
The $8.6 billion pension fund conducted a shortlist search for its first risk-parity managers following the creation of a 5% long-term target to the asset class. The search had been originally approved in May 2017, while the long-term target allocation was approved in March. A funding source could not be immediately learned.
Investment consultant Verus Advisory assisted.
Ms. Strohl and Timothy Price, chief investment officer, could not be immediately reached to provide further information.