The Town of Fairfield, Connecticut board of retirement hired Brevan Howard Asset Management as a commodities manager for a $9 million allocation.
The $290 million town employees’ retirement plan set new allocation targets in 2010 with a boosting of the alternatives segment of the fund to a weighting of 25%, including global equity hedge fund of funds. Mandates for global equity long/short managers were filled early this year to Wellington and Conatus.
The funding for the new mandates likely come from domestic equity and fixed-income portfolio segments that are overweight by 14.5% and 4.5% respectively.
The 3% commodities