Louisiana School Employees' Retirement System, Baton Rouge, hired Mellon Capital Management to run about $650 million in passive domestic large-cap equities, confirmed Christopher Saik, acting chief investment officer.
Funding comes from the $1.7 billion pension fund's terminations of active managers Analytic Investors and C.S. McKee and passive manager RhumbLine Advisers.
The change was due to the pension fund staff and the investment consultant deciding it would be more efficient to run the entire large-cap portfolio passively with one manager, Mr. Saik said in a telephone interview.
Investment consultant Segal RogerscaseyRogerscasey assisted.
Separately, Mr. Saik was named acting CIO at the pension fund's investment committee meeting on Monday, with a six-month probationary period. The board in six months will determine whether to make his appointment permanent, Mr. Saik said.
Previous CIO George Meyer III resigned Dec. 2.