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Connecticut Makes PPIP Decision

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The Connecticut Retirement Plans and Trust Funds (CRPTF) selected four firms yesterday as public-private investment program (PPIP) managers.

Draft minutes from the CRPTF’s Oct. 14 meeting note that AllianceBernstein, Marathon Asset Management and WL Ross & Co. were approved by state Treasurer Denise Nappier. WL Ross received $100 million for its WLR IV PPIP fund, while AllianceBernstein’s Legacy Securities and Marathon’s Legacy Securities Public-Private Investment funds each received $50 million. The commitments are all subject to satisfactory completion of contract negotiations.

Last month, the CRPTF board met with the three firms, along with Wellington Management Co., in consideration for the contract.

Lisa Monroe, spokeswoman for Treasurer Nappier, could not be reached for further details regarding the hires by press time.

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