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Columbus, Ohio�The Ohio Police & Fire Pension Fund (OP&F) announced today that it has hired Fidelity Management Trust Company to manage a small/mid-cap core equity portfolio. OP&F reopened its search for a small/mid-cap equity manager after it terminated Nicholas-Applegate in January for performance reasons.
OP&F also considered Dreyfus Investment Advisors and Wellington Management Company, who were finalists along with Fidelity in a manager search for small/mid-cap equity conducted in the fourth quarter of 2000. As a result of that search, OP&F hired Harris Investment Management and funded them with an initial amount of $80 million. The $380 million previously managed by Nicholas-Applegate will be split between Fidelity and Harris. Dennis Sugino of Wilshire Associates Inc. assisted in both searches. Fleet Investment Advisors is OP&F's third manager of small/mid-cap equities.
In addition, OP&F has adopted interim asset allocation targets for private and public equity as OP&F moves toward the long-term asset allocation policy approved by the Board last April. Under the interim policy, OP&F will allocate 1 percent to private equity and 48 percent to U.S. public equity. The long-term policy calls for a 3 percent allocation to private equity and 46 percent to U.S. public equity. Full implementation of the long-term allocation to private equity is anticipated to take up to three years. The interim policy approved by the Board this month, however, is still expected to net the 8.75% overall target return called for in the long-term policy.
OP&F is one of five state pension funds in Ohio, with assets of $8.9 billion. Created in 1965 as a result of an act passed by the Ohio General Assembly, OP&F is a multi-employer pension fund serving over 50,000 members. External advisors manage all of OP&F's asset classes with the exception of fixed income. OP&F targets long-term asset allocations at 46% to U.S. Equity, 18% to U.S. Fixed Income, 17% to International Developed Market Equity, 8% to Real Estate, 5% to High Yield, 3% to Emerging Markets, and 3 percent to Private Equity.
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