ST. PAUL, Minn. — Minnesota State Board of Investment committed $1.6 billion to international equities, hiring five managers. Acadian Asset Management, Fidelity Investments, JPMorgan Asset Management and McKinley Capital Management will run $250 million each in active EAFE developed markets equities. The $42 billion board is funding the hirings from cash and the terminations of T. Rowe Price International and Britannic Asset Management International, which managed $300 million each in active international developed markets equities. Howard J. Bicker, executive director, said the terminations were due to personnel and performance. Steve Norwitz, a T. Rowe Price spokesman, declined comment. Jean Birrell, a Britannic spokeswoman, was unable to provide comment by press time. AQR Capital Management, Fidelity and State Street Global Advisors will manage $200 million each in international developed markets enhanced indexed equities. Funding will come from reducing an MSCI EAFE index fund run by SSgA to about $2 billion, Mr. Bicker said.
The board will invest $100 million each in a Lehman Brothers real estate fund and a Warburg Pincus private equity fund, and $75 million in a Windjammer Partners mezzanine debt fund.