With only board member Frank Rosario absent, the rest of the trustees unanimously approved Board Resolution 11-003.
The resolution authorizes Fund Administrator Richard S. Villagomez to negotiate contracts, “consistent with industry standard form and substance, for the service of money managers, and to make investments consistent with the asset allocations.”
The Fund has eight money managers: Mellon Capital Management, Blackstone Alternative Asset Management, Aetos Alternative Management LLC, Lighthouse Investment Partners LLC, Franklin Templeton Financial Services Corp., Pictet Asset Management Limited, Pacific Investment Management Company LLC, and Cohen & Steers Capital Management, Inc.
For its “strategic asset allocations” the Fund targets 23.7 percent for U.S. equities; 23.7 percent for non-U.S. equities; 15.8 percent for equity long/short; 7 percent for short term bonds; 15.8 percent for U.S. fixed income; 3 percent for local currency debt; 5.3 percent for global real estate and 5.7 percent for diversified inflation hedge.
The trustees also authorized Villagomez and Retirement Fund Chairman Sixto K. Igisomar to execute all contracts, documents and undertakings necessary to establish accounts, purchase limited partnership and membership interests, and to make investments consistent with the Fund’s investment policy statement and asset allocation.
