US - The Connecticut Retirement Plans and Trust Funds (CRPTF) is soon expected to appoint a non-traditional investment consultant.
The new appoinment would aid the state in targeting up to 8% to a new alternative investment asset class for non-traditional strategies. It comes after CRPTF appointed Mercer Investment Consulting as the traditional investment consultant for the US$26bn portfolio.
Mercer will replace Rogerscasey, CRPTF's primary consultant for more than ten years. However, Rogerscasey will continue to serve the treasury on a project-retainer basis.
A statement from the state treasurer’s office said splitting up the previously single managed advisory services coincided with an investment policy shake up.
The statement said: “Those changes include increased exposure to emerging and foreign-developed markets, the creation of a liquidity fund and the commitment of up to 8% to a new alternative investment asset class for non-traditional and evolving strategies.”
The CRPTF confirmed this alternative provision would not include real estate or private equity as it already invests in this area.
Connecticut treasurer, Denise L Nappier, said: “With globalisation becoming increasingly important to successful investment strategies, Mercer’s worldwide reach also brings added value to its proven track record and is expected to enhance Connecticut’s pension fund’s returns.”
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