The $650 million El Paso (Texas) Firemen & Policemen’s Pension Fund will invest in an enhanced index equity fund in order to achieve more alpha. Robert Stanton, executive director, said the fund could invest as much as $60 million.” We will decide in April how much money will go into it,” he said. El Paso has around $60 million invested in passive equity. Summit Strategies Group advises the fund.
El Paso isn’t the only Texas plan to recently pursue enhanced indexing. The $1.2 billion Austin (Texas) City Employees Retirement System said last month it was considering to do so as an alternative to traditional passive management (MML, 1/27). Summit also advises Austin.
