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Texas Municipal to hire funds of funds

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The Texas Municipal Retirement System is rebuilding its investment portfolio after 60 years of investing in fixed-income, according to Eric Henry, executive director and chief investment officer of the $15 billion pension fund.

While this tried and tested strategy meant the system was able to preserve capital and only lost 1.3% last year despite the market meltdown, going forward, officials are diversifying the plan following the passage of state legislation in May. This legislation allows the board of trustees to have discretion to provide adequate reserves to "mitigate the effects of future investment return