Board members overseeing $192 million of pension assets for St. Louis County, Clayton, Mo., selected Morgan Grenfell for a $30 million fixed-income assignment, and may change the fund's asset allocation, said Ralph Bowser, retirement plans administrator.
Contracts haven't been signed yet, but Morgan Grenfell was chosen to take over half of the fund's 40% allocation to fixed income, Mr. Bowser said. Incumbent Boatmen's Bank will continue to manage the other half, he said.
As for the asset allocation, at issue is whether to change the fund's 60% equity 40% fixed income allocation, he said; board members will discuss the issue later this month. Board members also may consider getting out of the fund's small 2% to 3% allocation to real estate, he said. Adding a small-cap mandate also is something the board has considered, but nothing has been decided, any changes would be far down the road, he said.
