The Pennsylvania Public School Employees' Retirement Board has hired Aksia as the $47 billion pension fund's hedge fund consultant for a five-year contract after a search that came to a close in late April.
The ultimate size of the absolute return portfolio is understood to have been set at $4 billion. In the past, consultant Wilshire Associates had set the target hedge fund allocation at 7.5%. The programme has grown and the system needed assistance in monitoring the existing investments in the portfolio and is also seeking input on new investment ideas.
Aksia has won a number of public