Shelby County Retirement System, Memphis, Tenn., hired Wells Capital as its first international equity manager, handling $30 million, and hired J.P. Morgan to manage $40 million in a large-cap growth equity portfolio.
Funding comes from several existing money managers, said David Pontius, manager of pension investments. The hirings are part of a rebalancing of the money managers allocations and a further diversification of the $700 million pension fund, Mr. Pontius said.
The fund also hired Bank of New York as a custodian for the new international equity piece of the fund. While the funds custodian, First Tennessee, could handle the international custody, Bank of New York specializes in the area, Mr. Pontius said.