Missouri Local Government Employees Retirement System, Jefferson City, hired AMI Asset Management and Silvercrest Asset Management Group to run about $125 million to $150 million each in active domestic small-cap equities, confirmed Brian Collett, chief investment officer.
AMI will run growth and Silvercrest will run value for the $5.4 billion pension fund. Funding for the growth portfolio comes from the termination of Turner Investments for performance. Turner spokesman Tucker Hewes did not return a phone call seeking comment by press time.
Funding for the value portfolio comes from the termination of Lord Abbett & Co. due to personnel changes.
Both hires are pending due diligence and contract negotiations.
Separately, the pension fund returned 14.5% net of fees in the year ended June 30, 5.4 percentage points above the policy benchmark of 9.1%.
Equities returned 20.7% for the period, topping its benchmark of 16.6%; alternatives returned 14% vs. the benchmark's 4.8%; fixed income returned 1.2%, compared with its benchmark of -2.5%.