DFW International Airport hires Segall Bryant for international small-cap equity

Dallas/Fort Worth International Airport hired Segall Bryant & Hamill to manage an initial $25 million in active international small-cap equity, said Michael Phemister, vice president of treasury management.

A search had previously been launched for an active or passive international small-cap equity manager to help the airport’s pension funds maintain their 17.5% international equity target. No RFP was issued.

Of the $25 million allocation, $18 million will come from existing active global equity manager Johnston Asset Management, bringing its new total to roughly $26 million, and $7 million will come from active international equity manager International Value Advisers.

Also to help maintain its international equity target, the airport board also raised its allocation to active international equity manager Waddell & Reed by roughly $9 million to $25 million. Of that $9 million, $3 million will come from IVA, bringing its final total to roughly $24 million, and domestic core fixed-income managers Barrow, Hanley, Mewhinney & Strauss, and Smith, Graham & Co., bringing their totals to $27 million each.

The airport board oversees two pension funds with a combined $639 million in assets.

The pension fund’s core fixed-income target is 12.5%. With the reductions, the actual allocation is 13.7%.