- Frank Ranlett managed pension assets since 1995
- Ran portfolio valued at about $10 bln as of 2014
- Company searching for new PE chief
Frank Ranlett, who ran private equity for AT&T’s corporate pension, retired last month, according to a person with knowledge of the company.
Ranlett worked as director of alternative investments on AT&T’s corporate pension. He ran a portfolio of PE, natural resources and real estate that in 2014 was valued at about $10 billion, according to a court document.
A spokeswoman for AT&T declined to comment. Ranlett could not be reached for comment.
The person said AT&T is searching for a new head of alternatives, first from inside the company and then potentially externally.
Ranlett has managed pension funds since 1995, according to the court document.
The pension’s target to private equity ranges from 4 percent to 14 percent, and sat at 12 percent in 2015, according to AT&T’s annual report. Total plan net assets were about $42.1 billion as of Dec. 31, 2015, the annual report said.
Action Item: AT&T’s annual report: http://soc.att.com/24mwWB0
Photo: Signage for an AT&T store is seen in New York on October 29, 2014. Reuters/Shannon Stapleton