Allegheny County Employees Retirement System, Pittsburgh, named Mariner Institutional as alternatives consultant and emerging managers consultant in addition to the firm’s existing responsibilities as general investment consultant.
The $949 million pension fund’s board approved the action at its Sept. 19 meeting, said Walter Szymanski, manager of the county’s retirement office.
The board also voted at that meeting to terminate Asset Strategy Consultants as alternatives consultant and PFM Asset Management as emerging managers consultant, said Szymanski.
The latter consultants’ contracts had expired earlier this year and both were providing services on a month-by-month basis. The board decided simply to consolidate the responsibilities with Mariner rather than issuing RFPs in part to save on fees, he said.
As of June 30, the pension fund’s actual allocation was 18.9% private equity life settlement, 17.6% non-U.S. and global equities, 17.3% domestic equities, 13.3% core fixed income with Israel bonds, 11.7% private real estate, 11% high yield, 5.8% infrastructure, 2.6% liquid policy portfolio and the rest in cash.
