Burlington (Vt.) Employees Retirement System hired Lazard Asset Management to run $2 million in active international value equities, said Cynthia Davis, retirement administrator. Lazard already handles a $7 million active domestic midcap value equity portfolio for the $81 million pension plan. Funding will come from reducing an active domestic balanced portfolio managed by Harbor Capital to $61 million; the move was made for diversification, she said.
The plans asset allocation is 60% equity, 35% fixed income, 4% alternative investments and 1% cash. Morgan Stanley advised.