Kentucky Teachers' Retirement System, Frankfort, is conducting a shortlist search for a passive international equity manager to run $300 million, said Gary Harbin, executive secretary.
Investment consultant Hewitt EnnisKnupp is assisting.
The $16 billion pension fund is looking to make a hiring decision by the end of the year, Mr. Harbin said in a telephone interview. The manager would run an MSCI ACWI ex-USA Investable Market index fund.
The pension plan has a 17% allocation to international equity; the selected manager would be its first to manage a passive portfolio from the allocation. Funding will come from rebalancing within the active international equity portfolios.
Separately, the pension plan placed UBS Global Asset Management on watch for personnel changes. UBS manages about $750 million in active international equity.