St. Louis Public School Retirement System hired manager of emerging managers Progress Investment Management to run $46 million in active global equities, said recently released board meeting minutes.
The $916 million pension fund conducted an invitation-only search in November.
Other finalists were Attucks Asset Management and FIS Group.
The pension fund’s board voted to hire Progress at a special telephonic meeting on April 8.
Funding partially comes from the termination of QS Batterymarch Financial Management from a $17 million active domestic large-cap core equity portfolio. The reason for the termination was not given. Additional funding will come from “reallocation,” according to investment committee minutes, but no further information on the funding source could be learned by press time.
Separately, at its March 19 meeting, the investment committee voted to terminate Causeway Capital Management from its $41 million active international equity portfolio due to “non-compliance with the retirement system’s (minority- and women-owned businesses) brokerage policy.” The board of trustees will vote on the termination at its April 20 meeting.
Investment consultant NEPC assisted.
Andrew Clark, executive director, did not return a phone call by press time.
