Sacramento County (Calif.) Employees' Retirement System hired Allspring Global Investments to manage $75 million in active unconstrained global equities.
The $12.4 billion pension fund's board approved the hiring at its Aug. 16 meeting, recently released meeting minutes show.
Investment staff and investment consultant Verus recommended the hiring because the pension fund's actual allocation to its global/unconstrained equity subasset class is currently 1.9%, underweight to the 4% target, according to a presentation included with Aug. 16 board meeting materials. The Allspring strategy is an unconstrained strategy, the materials showed. The pension fund has a total target of 40% to overall global equities.
Steve Davis, chief investment officer, could not be immediately reached for further information.