Boston-based Massachusetts Pension Reserves Investment Management’s (MassPRIM) board will transfer nearly $1 billion each into hedge funds and local currency emerging markets debt, Pensions & Investments reports. To support the new asset allocation mix, the board will slash $3 billion from equities.

The global equity allocation will be reduced from 49% to 43%, with a plunge in the international equities from 21% to 17% and domestic equities from 17% to 15%. Local currency emerging markets debt will mop up a 2% allocation amounting to $1 billion, while a further 2% investment will take the hedge funds allocation to 10%.

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