Sonoma County Employees’ Retirement Association, Santa Rosa, Calif., hired Connor, Clark & Lunn Investment Management to run $155 million in active global equities.
The $3.6 billion pension fund’s investment committee approved the hiring at its Jan. 30 meeting, recently released meeting minutes showed.
CC&L will run its Group Q Global Equity strategy, which employs a risk-controlled, actively traded quantitative model, according to the minutes.
Contingent upon contract negotiations, the new portfolio will be funded by a reduction of the pension fund’s investment in a passive global equity portfolio managed by State Street Global Advisors, bringing that portfolio down to about $100 million in pension fund assets.
As of June 30, the actual allocation to global equities was 16.1%; the target is 16%.
Investment consultant Aon Investments USA assisted.
