The Arizona Public Safety Personnel Retirement System, Phoenix, has appointed State Street Global Advisors (SSgA) to run $600 million in a derivatives overlay, Pensions & Investments reports. The firm replaces BNY Mellon Beta Management, which was laid off due to excessive tracking error.
The system has also appointed Neuberger Berman Group to manage about $140 million in active domestic small-cap value equities. The funding will come from indexed equities. Separately, the system allocated an additional $3.4 million to Ladder Capital Finance Holdings.
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