Iowa Municipal Fire & Police Retirement System, West Des Moines, moved about $126 million to infrastructure funds and named a new custodian, said Terry Slattery, executive director.
The $2.5 billion pension fund committed about $63 million each to IFM Global Infrastructure Fund, managed by IFM Investors, and J.P. Morgan Infrastructure Investments Fund, managed by J.P. Morgan Asset Management.
The commitments, approved at an Aug. 15 board meeting, were the result of an asset liability study approving a 5% allocation to infrastructure, replacing the allocation to master limited partnerships. MLP managers Harvest Fund Advisors and Tortoise Capital Advisors, which run similar portfolio sizes, will be terminated as a result.
The fund also tapped Northern Trust Corp. as custodian. The fund’s board approved Northern Trust as the new custodian at its Aug. 15 meeting. Current custodian Wells Fargo Bank rebid for the services. The fund in May issued an RFP following a recommendation by investment consultant Marquette Associates, which assisted with all searches.
Mr. Slattery said all the hires are pending contract negotiations.
