The Montana Board of Investments, Helena, hired nine international equity managers, said Carroll South, executive director of the $7.2 billion pension fund. The firms are Acadian Asset Management, AllianceBernstein Institutional Investment Management, Batterymarch Financial Management, Barclays Global Investors, Julius Baer Investments, Martin Currie Investment Management, Hansberger Global Investors, Principal Global Investors and AXA Rosenberg Investment Management. The hirings are pending contract negotiations, he said. The amount each manager will run has not been determined.
Acadian and AllianceBernstein are expected to run value portfolios; Batterymarch, BGI and Julius Baer, core; Martin Currie, Hansberger and Principal, growth; and AXA Rosenberg, small caps, Mr. South said.
Funding will come from reducing an $800 million EAFE index account managed by BGI. The new managers will join current international equity managers Nomura Asset Management, which handles $147 million, and Schroder Investment Management, which runs $141 million; both in core strategies. The move is being made for diversification; fund officials want to shift more money to an active approach, Mr. South said.
An RFP was issued earlier this year. Consultant R.V. Kuhns assisted.
