Minnesota hires 4 large-cap value managers

The Minnesota State Board of Investment, St. Paul, hired Barrow Hanley, Lord Abbett, LSV Asset and Systematic Financial to run $150 million to $250 million each in active domestic large-cap value equities. Funding came from rebalancing. Howard J. Bicker, executive director, said the $40 billion plan needed more value exposure. The system also committed assets to the following existing alternative managers: Hellman & Friedman, $200 million; TA Associates Realty, Merit Capital Partners and Summit Partners, $75 million each; and Goldner Hawn Johnson Morrison, $50 million.