Alameda-Contra Costa Transit District Retirement System, Oakland, Calif., redeemed a total of $36 million from two strategies and reallocated the capital to four strategies, said Hugo Wildmann, retirement system manager.
The pension fund's board redeemed $15 million from a domestic large-cap strategy run by Sands Capital Management and reallocated the assets to a Russell 1000 Growth non-lending fund managed by State Street Global Advisors, a new allocation for the retirement system. The large-cap strategy run by Sands had about $50 million as of September.
The board also fully redeemed $21 million from an SSGA value index fund and redistributed the funds equally to the State Street Aggregate Bond Index Fund, which has $140 million; a $20 million emerging markets equities index fund managed by Legal & General Group; and a $20 million active emerging markets equities strategy managed by City of London Investment Management Co..
The changes were made to rebalance the portfolio, Mr. Wildmann said.