Vermont Pension Investment Committee, Montpelier, hired Artisan Partners (APAM) Asset Management and Hosking Partners to split an active global equity portfolio of up to $360 million for the $4 billion Vermont State Retirement Systems, said Matt Considine, director of investments, in an email.
Boston Partners and Fiera Capital were the other finalists.
The committee had conducted a search after setting a new 9% target allocation to global equity following an asset allocation review earlier this year. Funding will come from various reductions in other asset classes following the asset allocation changes; whether any managers will be terminated has yet to be determined.
Also as part of the asset allocation review, the committee eliminated targets to high-yield bonds and core fixed income, which previously had allocations of 5% and 3%, respectively, created a 5% target to private debt, reduced small/midcap equities to 3% from 5% and emerging markets equities to 4% from 6%.
Investment consultant NEPC is assisting.