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INVESTING/PORTFOLIO STRATEGIES

Louisiana Sheriffs narrows search for global equity manager

Louisiana Sheriffs’ Pension & Relief Fund, Baton Rouge, named three finalists in a shortlist search for a global equity manager to run about $45 million, said Osey “Skip” McGee, executive director.

The $2.8 billion pension fund named AllianceBernstein (AB), AQR Capital Management and Neuberger Berman as finalists. Mr. McGee said the pension fund wanted to hire a second global equity manager to complement Wellington Management, which also runs about $45 million. AQR had originally been hired as a second global equity manager in 2015, but the contract was never finalized.

The finalists will make presentations at a special board meeting in May, on a date to be determined, with a decision following shortly thereafter.

Funding comes from reductions in overweight domestic large-cap equity portfolios; no managers are being terminated. Investment consultant Russell Investments is assisting.