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Iowa PERS Approves Portable Alpha Changes

Smith Breeden is out


By Marc Sorondo

April 1, 2009

The Iowa Public Employees' Retirement System (IPERS) has approved suggestions made by consultant Wilshire Associates regarding changes to its portable alpha strategy, said Karl Koch, CIO with the $16.9 billion plan. The board decided to 'discontinue the enhanced cash portable alpha strategy with Smith Breeden Associates by taking off the S&P 500 futures 'beta' component and have the firm liquidate the remaining_ securities in the portfolio in an orderly manner,' Koch said. Robin Schoen, spokeswoman for Smith…

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