New Hampshire Retirement System, Concord, hired Artisan Partners, Causeway Capital Management and LSV Asset Management to run a total of $534 million in active international equities, said Marty Karlon, spokesman.
The $7.1 billion pension fund added the new managers in an effort to reduce manager-specific risk, Mr. Karlon said.
Growth manager Artisan will run about $99 million. Its funding comes from reducing the portfolio of active international growth equity manager Fisher Investments, which previously ran about $198 million.
Value managers Causeway and LSV will run about $217.5 million each, evenly dividing the portfolio of active international value equity manager Thornburg Investment Management, which ran $435 million. Thornburg was terminated at the retirement system’s investment committee meeting on May 23 because of portfolio management team changes and performance.
Brian McMahon, Thornburg’s CEO and chief investment officer, was not available to comment, and Julie Geraci, Thornburg’s retirement sales manager, did not return a phone call by press time.
Investment consultant NEPC assisted.
