Louisiana Municipal Employees' Retirement System, Baton Rouge, hired State Street Global Advisors to manage $20 million in an S&P 500 index fund, the first such investment for the $499 million system, said Virginia Freshwater, interim director. Funding came from an active domestic fixed-income portfolio run by Orleans Capital, leaving it with $260 million, Ms. Freshwater said. The firm will also continue to manage about $130 million in active domestic large-cap core equities for the plan. The plan had been overweight in fixed income, she said.
The plan's asset allocation is 52% fixed income, 36% domestic equity, 10% international equity and 2% cash. UBS Financial Services assisted.