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Pension Funds

Miami Beach Employees conducting asset allocation study

Miami Beach Employees’ Retirement System is conducting an asset allocation study.

Miami Beach (Fla.) Employees' Retirement System is conducting an asset allocation study, said Rick Rivera, pension administrator, in an email.

The $637 million pension fund is conducting the study because "the board wants to make sure it is positioned well for the investment future," Mr. Rivera said.

Mr. Rivera said no specific asset classes are being prioritized for changes, but he said private equity and bank loans are two asset classes in which the pension fund does not currently invest that it might consider.

The results of the study could be made available as early as the pension fund's May 14 board meeting, Mr. Rivera said. The previous study was completed in January 2016.

The current target allocation is 30.5% domestic large-cap equities, 28% fixed income, 11% international equities, 10% real estate, 7% infrastructure, 5% emerging markets equities, 4.5% domestic midcap equities and 4% domestic small-cap equities.

As of Sept. 30, the actual allocation was 30.9% domestic large-cap equities, 27.8% fixed income, 11.9% international equities, 10.4% real estate, 6.4% infrastructure, 4.6% domestic midcap equities, 4.3% emerging markets equities, 3.3% domestic small-cap equities and 0.4% cash.

Investment consultant Milliman is assisting.