Texas Plan to Add CIO Role
May 28, 2008
The $1.7 billion City of Austin Employees' Retirement System (COAERS) will soon hire its first-ever CIO at the plan, said Stephen Edmonds, executive director at the plan.
Edmonds explained that the board plans to conduct a search for the new position, however the details and timing of the search have yet to be completely finalized.
According to the most recent financial summary on the plan's Web site, COAERS’ asset allocation consists of 15.53% non-large-cap domestic stocks, 32.71% large-cap domestic stocks, 19.5% international stocks, 5.33% real estate, 26.86% fixed-income and .07% in cash.
Meanwhile, the Texas plan has tapped Columbus Circle Investors to oversee a small-cap growth equity portfolio. The manager was awarded $40 million.
Columbia Partners, Magnetar Investment Management and Pier Capital were also finalists in the search. Summit Strategies Group assisted with the search.
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