Alaska PFD Board Selections

thought this might be interesting thanks to Mike K.


Fund News August 16, 2007
Board hires EAFE infrastructure managers
The Alaska Permanent Fund Corporation Board of Trustees hired eight non-US stock managers and two infrastructure managers at a special board meeting in Anchorage on Wednesday.
"I think this new group of stock managers will serve the Fund well, providing a good level of diversification across the overseas markets" said Board Chair Carl Brady. "Each one was selected for the unique focus that they will bring to the table, creating a well rounded portfolio."
Hiring the managers was the final step in restructuring the Permanent Fund’s stock portfolio, a process that began almost a year ago with the creation of a global stock allocation. Some of the Fund’s managers were shifted to the new global allocation, leaving the remaining $3.7 billion non-US portfolio under passive management. At the February 28 meeting, the Board authorized a search for new active managers to balance the portfolio.
The Board hired five firms with initial allocations of $500 million: Dodge & Cox, GE Asset Management, Goldman Sachs Asset Management, Julius Baer Investment Management, State Street Global Advisors.
The Board hired three firms with initial allocations of $250 million: Acadian Asset Management, Principal Global Investors, Morgan Stanley Investment Management.
In addition to investing in developed non-US markets, select managers have been given authority to invest in emerging markets as well.
Following the creation of a two percent allocation to infrastructure investments at the May meeting, the Board hired two new infrastructure managers: Citi Infrastructure Investors and Global Investment Partners. The combined mandate for the two managers will be $850 million, with the exact split to be determined at a later date. The Board also adopted Resolution 07-05, which sets out policies and the benchmark for infrastructure investments.