Q3 2018 searches and hires overview report

Search activity for the third quarter of 2018 decreased 3.37% from the prior quarter, but was up 45.76% from the third quarter of 2017. There were 24 alternatives searches, up 100% from the period a year ago. Fixed-income searches grew significantly -- 116.67% year over year, which included Ohio Bureau of Workers' Compensation's $925 million U.S. intermediate Treasury fixed-income search and Korea Post Insurance's $750 million search for global tactical asset allocation managers.

Hiring activity increased 43% from the second quarter to $73.29 billion, up 84.71% from the period a year ago. BlackRock (BLK) won 16 mandates for $16.1 billion, which included a hire by the Illinois State Board of Investment for $8.6 billion in indexed assets and discretionary oversight of $2.8 billion in actively managed assets. AQR Capital Management won three domestic large-cap equity mandates for $3.2 billion, including a $2.5 billion commitment from New York State Common Retirement Fund. TPG received $2.6 billion in the quarter, which included 14 mandates for the following funds: Partners VIII, Asia VII (A), TSSP Opportunities Partners IV, Real Estate Partners III and Healthcare Partners. Blackstone got nine commitments in the quarter, totaling $1.8 billion, for investments in Partners III, Tactical Opportunities Fund III, Infrastructure Partners and BAAM Stone Oak Fund.

All information is based on mandates reported by Pensions & Investments' global reporting staff.

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