The Connecticut Retirement Plans and Trust Funds last week saw four presentations on behalf of AllianceBernstein, Invesco’s W.L. Ross & Co., Marathon Asset Management and Wellington Management Co., according to market reports. These asset managers all looking to manage part or all of the state’s $200 million Public-Private Investment fund.
AllianceBernstein, Marathon and Wellington are looking to manage a combined $150 million in the fund’s value-added real estate portfolio.
Meanwhile, Invesco is expected to handle the remaining $50 million in an opportunistic fund that is expected to return 20 percent a year from a fund, according to market reports.
AllianceBernstein Holding and Marathon Asset Management each estimated 18% gains, while Wellington Management Co. forecast 13% to 17%.
A source at Connecticut State Treasurer’s office said that a decision had been made yet as to how the state planned to distribute its funds but market reports indicate that Treasurer Denise Nappier is expected to make a decision on the PPIP investment before Sept. 30, when the asset managers are expected to close their first round of fundraising.
All four managers expect to invest most of the funds in residential mortgages initially, said market reports.