Baltimore Employees' Retirement System hired Thornburg Investment Management to run $50 million in active international equities, said Roselyn Spencer, executive director. The $1.2 billion system, which previously had only international core equity managers, added the new portfolio for more diversification, Ms. Spencer said. The account will be benchmarked to the MSCI All Country World index (ex-U.S.) and the MSCI EAFE, said Peter Trevisani, managing director at Thornburg. It will complement a $100 million core international equity mandate by Philadelphia International Advisors, which was hired last month, Ms. Spencer said. Callan Associates assisted.
The fund also hired Cheiron as its new actuarial consultant, said Ms. Spencer. Cheiron replaces Mercer Human Resource Consulting, whose five-year contract expired this year.