Louisiana Municipal Police Employees Retirement System, Baton Rouge, selected AllianceBernstein and KBC Asset Management to run a total of $175 million in active international value equities, confirmed Henry Dean, chairman of the $1.5 billion fund. AllianceBernstein will run $150 million while KBC will run $25 million. Funding will come primarily from a $163 million international value equity portfolio run by Pyrford International, which is being terminated for performance, Mr. Dean said in April. The remainder will come from rebalancing its equity portfolios. By state law, the fund cannot have more than 65% of assets in equities. Summit Strategies assisted in the invitation-only search.
Separately, the board approved changing the investment style of an equity portfolio run by Spare, Kaplan, Bischel & Associates to 100% value opportunity from pure value. Spare, Kaplan, had been on watch because of a few difficult quarters and agreed to the shift; Mr. Dean didnt immediately know how much the firm manages. Josh Rothe, director of equity research at Spare, Kaplan, confirmed the transition but declined to say how much money the firm manages in the portfolio.