FAIRBANKS (AP) -- The Alaska Permanent Fund Corp. board of trustees has appointed a manager for a new $500 million portfolio.
Deutsche Asset Management will oversee stock investments designed to earn 0.75 to 1.50 above the Standard and Poor 500 Index.
Deutsche was one of four companies the corporation was considering to manage the new investment fund. INVESCO Inc., Morgan (J.P.) Investment Management Inc. and State Street Global Advisers also were competing for the job.
The trustees heard final pitches from the companies during the corporation's annual meeting in Fairbanks last week.
Funding for the new portfolio will come from one of three accounts Deutsche Assets currently manages for the corporation.
In other corporation matters, Clark Gruening was re-elected as chairman and Melphine Evans as vice chair.
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