Milwaukee County Employees' Retirement System, Milwaukee, hired Northern Trust Global Investments to manage $94 million in an MSCI All-Country World ex-U.S. index fund.
Funding will come from GMO, which ran the assets in an active international large-cap value portfolio, said Daniel Gopalan, fiscal officer assistant of the $1.7 billion retirement system.
GMO was terminated for performance, Mr. Gopalan added. GMO officials declined to comment, said spokesman Tucker Hewes.
An RFP was issued in the spring. Marquette Associates, the system's investment consultant, assisted in the search.