International Paper Co.'s $4 billion pension fund hired five international equity managers to manage a total of $600 million in developed foreign markets, and a second currency overlay manager, said Connie Caperella, director of trust investments.
The Purchase, N.Y.-based company hired Barclays Global and Putnam Investments to run an undisclosed amount in active core portfolios and Lazard Asset Management, Montgomery Asset Management and Wellington to manage an undisclosed amount in active large-cap international equities. International Paper also hired Lazard to run a small-cap non-U.S. stocks. Funding will come from an EAFE index portfolio with an unidentified manager, where the company had put the money temporarily last fall.
Bridgewater Associates was hired for currency overlay. BARRA RogersCasey assisted