WEST PALM BEACH, FL (HEDGECO.NET) – The Alaska State Pension Investment Board has decided to invest in the ever popular hedge fund strategies. According to statements released in Juneau, Alaska, theBoard has selected five hedge fund managers to help the pension plan implement hedge fund strategies.
The five chosen managers are Cadogan Management, Mariner Investment Group and Quellos Capital Management. Two agricultural investment managers were also included in the selected five managers; UBS AgriVest and Hancock were also selected. According to the released statements, the selections are subject to contract negotiations.
The five hedge fund managers will each be given a portfolio of US $100 million to manage. According to the release, the funding will be derived �from the system�s $2.2 billion internally managed fixed-income portfolio.�
The fund recently made some changes in its allocation ratios; about 2% of assets were allocated to high-yield bonds, while the domestic fixed-income allocation was reduced from 30% to 24%. According to the report, domestic large-cap equity was cut down from previous 31% to 30%, and international fixed income was reduced to 2% from previous 3% level.
The Alaska State Investment Board is charged with such obligations as to invest the funds of the state defined-benefit pension plans: 1) Public Employees Retirement System; 2) Teachers’ Retirement System; 3) Judicial Retirement System; and 4) Alaska National Guard and Alaska Naval Militia Retirement System. The body also selects and monitors appropriate investment options for the Supplemental Benefits Annuity Plan and the Deferred Compensation Plan. The Alaska State Pension fund manages about US $12.2 billion in pension assets.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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