The Indiana Public Retirement System will move nearly $1 billion into a new international fixed-income fund.
“We expect an allocation to international fixed income to reduce home country bias and provide a diversification benefit to INPRS’ fixed-income portfolio,” spokesman Jeff Hutson said.
INPRS recently issued a request for proposals from international fixed-income managers and received 16 responses by the April 5 deadline. The $27.1 billion retirement system will hire two managers to oversee $900 million.
Under a recent reallocation strategy, INPRS has a fixed-income target of $4.4 billion.