Delaware Public Employees’ Retirement System, Dover, hired Baillie Gifford to run $80 million in global equity.
Half of the funding came from a partial withdrawal from the $7.7 billion pension fund’s T. Rowe Natural Price Resources equity account, and half will come from cash, spokeswoman Jessica Eisenbrey said in an interview.
The board of trustees also agreed to reduce a previous commitment to Oaktree Capital Management for international convertible securities to $120 million, from $140 million. No reason for the decision could be learned by press time.
