Kansas City (Mo.) Firefighters' Pension System tentatively approved hiring Denver Investment Advisors to run $10 million in active international small-cap equities, confirmed Richard Boersma, executive officer of the $406 million pension fund.
The hire is pending funding.
An invitation-only search conducted by investment consultant Asset Consulting Group began earlier this year when the pension fund was told by previous manager Morgan Stanley it was closing its Morgan Stanley International Small Cap Trust product. The money was temporarily parked in a Northern Trust index fund.
Other finalists were Franklin Templeton and T. Rowe Price.