State of Wisconsin Investment Board, Madison, hired J.P. Morgan to run $800 million in active global equities, said Vicki Hearing, public information officer for the $70.5 billion board.
Funding came from restructuring LSV Asset Management's assignment. SWIB terminated two LSV-managed portfolios — $1.6 billion in enhanced Russell 1000 structured equities and $1.1 billion in quantitative international equities — and hired LSV to manage $1.5 billion in active global equities.
SWIB plans to put the remaining $400 million from the terminations into an internally managed active global portfolio. Details were not available.
SWIB made the changes to move to a more global strategic focus.
Strategic Investment Solutions, a SWIB consultant, assisted in the search.