Underfunded Plan Status, Poor Returns Go Hand in Hand: CRR Study

A study recently released by The Center for Retirement Research at Boston College, titled Stability in Overall Pension Plan Funding Masks a Growing Divide—which looks at the funding ratios of state and local pension plans around the country—finds that the pension plans that ranked lowest in terms of funding status also reported the lowest returns on their …

Kentucky’s Pension Funding Ratio Tumbles; Fund Accelerates CIO Search

The assets-to-liabilities funding ratio of the Kentucky Retirement System (KRS) in Frankfort fell to 12.9% on June 30, from 13.6% earlier, according to a report to the system’s board by the fund’s actuaries last week.  Some at the fund expect the ratio to fall further before bottoming out. The pension fund had approximately $2 billion …

Pension, E&F Investment Pros Cautiously Optimistic on Hedge Funds

Though just five percent (or 400) of 8,000 hedge funds (HFs) are even considered investable, according to Joe Marenda, a managing director and hedge fund specialist at Cambridge Associates, “the beauty [of hedge funds] is really in the eye of the beholder—based on portfolio need,” he said. Though institutional investors are currently holding their allocations …

IA Strategy: NMSIC Formulates Pre-Recession Strategy: More Cash, Less Public Equities

Robert “Vince” Smith, chief investment officer (CIO), of the $24 billion New Mexico State Investment Council (NMSIC), a permanent endowment for the state of New Mexico and the third largest domestic sovereign wealth fund in the U.S., is all about planning ahead. In a roundtable discussion at MarketsGroup’s Southwest Forum in New Mexico, in September, Smith said …

Asset Owner Spotlight: Elizabeth Burton, CIO, Hawaii Employees’ Retirement System

Elizabeth Burton was hired as chief investment officer by the $16.8 billion Employees’ Retirement System of the State of Hawaii (ERS) at the end of July 2018, and reported for her first day of work on October 1. Her first interview with the fund was in late spring, several months after former CIO Vijoy Chatterjy …

Investors in Alternatives Seeking Separate Accounts and Co-investments

Over the next five years, institutional investors in alternative assets will be looking to increase their investments in separate accounts and co-investments at the expense of pooled or commingled structures, for reasons of greater control and potentially lower management fees, according to a report just published by research and data firm Preqin, titled The Future …

Minnesota Children’s Hospitals’ CIO Slocum Driven By ‘Great Mission’

Institutional Allocator Reporter Kaitlyn Mitchell sat down with Susan Slocum, treasurer and chief investment officer (CIO) of Children’s Hospitals and Clinics of Minnesota (Children’s), a foundation with $750 million in assets under management (AUM), while attending Markets Group’s 5thAnnual Great Plains Forum in Minnesota on September 12. Slocum ascended from treasurer to treasurer and investment officer …

Pensions Replacing Fixed Income with Alternative Credit: Gapstow

According to a report released by Gapstow Capital Partners, an investment advisor that focuses exclusively on credit, many U.S. pension funds are now beefing up their alternative credit allocations, in many cases by decreasing investment in traditional fixed income. “We saw a lot of interest in alternative credit coming at the expense of traditional fixed …

Colorado County Names New Executive Director

The board of the $1.9 billion Colorado County Officials & Employees Retirement Association (CCOERA), in Littleton, has named Elizabeth Price as the Association’s new executive director (ED). The previous ED, Jacob Kuijper, retired in March. Marvin Tuttle has played the role of interim ED since. The fund’s ED is responsible for directing, managing, planning, preparing and …

Kentucky Forges Debut Co-Investment: A Euro RE Fund with Barings

The Frankfort, Ky.-based Kentucky Retirement Systems (KRS), with $17.6 billion in assets under management, has embarked on an approximately $350 million strategic investment partnership with Barings, a global investment management firm, and Barings parent company, Mass Mutual, to launch the Barings Real Estate European Value Add I Fund. According to Andy Kiehl, director of real estate and real …