Knoxville (Tenn.) City Employees' Pension Fund hired Griffin Securities to run about $28 million in active international growth equities, subject to a finalized contract, said Mike Cherry, executive director. The manager will replace Oechsle International Advisors, which officials of the $470 million plan terminated for performance. Stephen Langer, Oechsle director of marketing and client services, was not available for comment by press time. Summit Strategies assisted in the shortlist search.
Separately, Mr. Cherry said the plan's investment policy will likely be revised over the summer to add some alternative investments. The board is considering a hedge fund of funds and possibly a private real estate investment, although Mr. Cherry said it's too early to specify a funding source or how much would be invested.