Money Management Letter - Jennifer Paquette, cio, Colorado Public Employees Retirement System

Jennifer Paquette, cio, Colorado Public Employees Retirement System

Jennifer PaquetteThe $36 billion Colorado Public Employees Retirement Association has officially completed the acquisition of the Denver Public Schools Retirement System's $2.7 billion in assets, and CIO Jennifer Paquette is in the midst of an asset/liability study with the pension's consultant, Ennis, Knupp & Associates, to determine the best way to incorporate and manage the money.

Some DPSRS investments don't fit within the Colorado board-approved investment policy; for instance, PERA policy does not allow the purchase of bonds rated below B3/B-. According to Paquette, PERA staff is using internal staff and its external managers for the disposition of these assets over time. PERA also currently has small-cap and mid-cap mandates, and DSPRS assets include unapproved "smid"-cap mandates. Staff will formally recommend to the board that the "smid" mandate be considered for approval this year. No search is anticipated.

To help manage the investments that do not fit in the Colorado-approved policy, staff has been directed to provide regular reports on the status of such policy deviations and to work through them. Changes may come after the asset/liability study. The fund's current asset allocation is global equity at 58%, fixed income at 25%, alternatives, including private equity, at 7%, real estate at 7%, and an opportunity fund ...

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Jennifer Paquette, cio, Colorado Public Employees Retirement System

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