Kansas City (Mo.) Public School Retirement System hired Schroders to run $27 million in a multiasset class portfolio, recently released board meeting minutes show.
The $673 million pension fund conducted a shortlist search and hired Schroders to run its diversified growth strategy. Graham Capital Management and Invesco (IVZ) were the other finalists.
Funding comes from the liquidation of an undisclosed commodities manager's $17 million portfolio and the reduction by $10 million of the pension fund's investment in AQR Capital Management's Global Risk Premium Trust. The current portfolio size could not be immediately learned.
As of Dec. 31, 2017, the pension fund's actual allocation was 28% international equities, 25% domestic equities, 16% fixed income, 13% alternatives, 8% real estate, 4% private equity, 3% each commodities and cash, according to the pension fund's most recent comprehensive financial annual report.
Investment consultant Segal Marco Advisors assisted.
Christine Gierer, executive director, was not available to provide further information.