Ohio Public Employees Retirement System, Columbus, hired Grantham Mayo von Otterloo, Pacific Investment Management Co. and Windhaven Investment Management to run a total of $1.6 billion in global tactical asset allocation strategies, confirmed spokesman Michael Pramik.
The pension fund, which oversees $62.9 billion in defined benefit assets, issued an RFI in January following the board's approval of a new target allocation to global TAA of 2%.
PIMCO and Windhaven will run $650 million each; GMO will run $300 million.
Investment consultant NEPC assisted.
Separately, the pension fund redeemed its $100 million direct hedge fund investment in Gracie Credit Opportunities Fund, a credit/relative value fund managed by Gracie Asset Management. The redemption of the investment, originally made in August, was due to personnel changes.