Lubbock (Texas) Fire Pension Fund hired Lazard Asset Management to run $9 million in active international value equities, confirmed Jack Watkins, plan administrator for the $155 million pension fund.
The hire is pending contract negotiations.
Lazard replaces Tradewinds Global Investors, which was terminated for a combination of performance and personnel changes, Mr. Watkins said in a telephone interview. Tradewinds managed the assets in a similar strategy. Kathleen Cardoza, spokeswoman for Tradewinds parent Nuveen Investments, declined to comment.
Investment consultant Morgan Stanley Smith Barney assisted with the shortlist search.