Oakland (Calif.) Police & Fire Retirement System hired Kepos Capital to manage about $10 million in an alternative risk premium portfolio.
The $455 million pension fund's board voted to hire the manager at its April 28 board meeting, said Teir Jenkins, investment officer.
The pension fund's board conducted a shortlist search beginning in January due to the closing of incumbent manager Parametric Portfolio Associates' alternative risk premium strategy at the end of October, said Jan. 27 board meeting minutes.
The other finalists were Lombard Odier Investment Managers and Two Sigma Investments.
The alternative risk premium portfolio falls within the pension fund's crisis risk offset asset class, which had an actual allocation of 4.1% as of April 30.
Investment consultant Meketa Investment Group assisted.