Hollywood (Fla.) Employees' Retirement Fund hired Brandes Investment Partners to run $15 million in active international small-cap equities, said Lisa Castronovo, pension coordinator.
The $300 million pension fund conducted an invitation-only search earlier this year, looking for further diversification in international equities. Previously, the pension fund had only one international equity manager, Wellington Management, with a portfolio of about $45 million.
Funding comes from a Northern Trust S&P 500 index fund. Lord, Abbett & Co. was the other finalist.
Investment consultant Segal Rogerscasey assisted.