US - CalPERS has appointed three advisers to its absolute return strategy: Pacific Alternative Asset Management Company, 47°N Capital Management and The Rock Creek Group.
The advisers were chosen from 97 candidate companies during a selection process which took nine months.
Initial funding for the advisers will amount to $350m, but staff envisaged increased returns would offset the additional fees.
CalPERS chose the multiple adviser route, stating it would give exposure to a larger number of emerging absolute return funds, create a diversified portfolio and capitalise on each adviser’s strengths.
Capital for the Fund of Absolute Return Funds will come from global equity assets managed on a passive basis.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
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