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Executives at the South Carolina Retirement System pulled off a previously unimaginable task in 2020, conducting a complete review of the fund’s asset allocation, simplifying its portfolio, negotiating with suppliers, and gaining approval from the commission, all while working entirely remotely. Amanda White speaks to executive director Michael Hitchcock about the new portfolio and the process of getting there.
The South Carolina Retirement System has simplified its investment portfolio, moving from 18 different asset classes with 21 different benchmarks, to just five asset classes.
“We did a major redo of the asset allocation we called portfolio simplification, and we got the commission to approve it and implement it during the height of the pandemic,” says Hitchcock.