Fort Worth (Texas) Employees' Retirement Fund hired Franklin Templeton Investments to manage $50 million in active international small-cap equity, confirmed Ruth Ryerson, executive director and chief investment officer, in an e-mail.
Funding will come from the pension fund's passive portfolios. There were no terminations.
The $1.8 billion pension fund has a 15% allocation to international equity.
Investment consultant R.V. Kuhns conducted the shortlist search.