FUND NEWS Sep 22, 2005
Board hires two managers, elects Carl Brady chair
SEPTEMBER 22 - The APFC Board re-elected Carl Brady as chair at its annual meeting in Juneau. Steve Frank was re-elected as Vice Chair. The Board hired AEW Capital Management to manage a $300 million portfolio of Real Estate Investment Trusts (REITs) with a global focus. It also hired T. Rowe Price Associates, Inc. to manage a $50 million emerging markets equities portfolio. The Board made several adjustments to the Fund`s asset allocation and authorized staff to post public notice of a draft of new investment regulations for the Fund. More details on the annual meeting follow.
The Alaska Permanent Fund Corporation Board of Trustees re-elected Carl Brady as Board Chair on Wednesday at the conclusion of the two-day annual meeting in Juneau. Steve Frank was re-elected to serve as Vice Chair.
The meeting began on Tuesday with a report on the audit of the corporation’s financial statements for fiscal year 2005 by Scott Miller of KPMG. Michael O’Leary, of Callan Associates, followed with a review of the fund’s investment performance for the fiscal year.
The Board took the following action during the meeting:
- Accepted KPMG’s audit and released the APFC’s fiscal 2005 financial statements.
- Hired AEW Capital Management to manage a $300 million portfolio of Real Estate Security Trusts (REITs) with a global focus. Currently the Fund is only invested in domestic REITs, and AEW is one of the Fund’s two domestic REIT managers.
- Hired T. Rowe Price Associates, Inc. to manage a $50 million emerging markets equities portfolio. Currently the Fund has two emerging market portfolios with a combined value of $690 million.
- Authorized staff to put draft investment regulations out to public notice in anticipation of adopting the proposed regulations at the November board meeting.
- Increased the allocation of the Fund’s assets to private equity investments from 2 percent to 4 percent.
- Adopted Resolution 05-07, which updates the Fund’s target asset allocations to reflect the additional allocation to private equity, and a corresponding reduction in the allocation to domestic stocks.
