Ann Arbor (Mich.) Employees' Retirement System hired RhumbLine Advisers to run a $70 million passive defensive equity strategy.
The $537 million pension fund's board approved hiring the manager to run its Russell U.S. High Efficiency Defensive index fund at its Jan. 16 meeting, recently released minutes show.
The funding source could not be immediately learned.
As of Dec. 31, the actual allocation to domestic equities was 31.2%; the target is 31%.
Investment consultant Meketa Investment Group assisted.
Wendy Orcutt, executive director, could not be immediately reached to provide further information.