Colorado County Officials & Employees Retirement Association, Littleton, hired AQR Capital Management to run about $13 million in liquid managed futures in some defined contribution custom portfolios, confirmed Jacob Kuijper, executive director of the association that oversees a 401(a) and 457 plan.
AQR replaces Arrow Funds. Mr. Kuijper said the change was made to move to a more active strategy as the Arrow fund was seen as more passive.
The plans, with a combined $1.2 billion in assets, do not use a managed futures fund as a standalone investment option, but they use the strategy within four custom risk-based portfolios offered to participants. There are five custom portfolio options overall.
CCOERA also added Hatteras Funds' hedged strategies fund to the custom portfolio allocations for added diversification, Mr. Kuijper said in a telephone interview.
