New York’s $140.6 billion pension fund ended relationships with two managers of U.S. large cap stocks, AllianceBernstein Holding LP and Capital Guardian Trust Co., as the third-largest U.S. retiree plan moves money into assets like timber and gold as well as “opportunistic” funds.
AllianceBernstein managed $1.3 billion of assets and Capital Guardian managed $1.2 billion, said Olayinka Fadahunsi, a spokesman for state comptroller Thomas DiNapoli in a telephone interview.
“We’re rebalancing,” Fadahunsi said. “We’re reducing exposure in domestic equities.”
New York also committed $175 million to two private equity funds, a $50 million commitment to Vista Foundation Fund and $125 million to Kohlberg Kravis Roberts & Co.’s China growth fund, Fadahunsi said.
John Meyers, a spokesman for AllianceBernstein, declined to comment. Maura Griffin, a spokesman for Capital Guardian parent Capital Group Cos Inc., didn’t immediately return a call seeking comment.