Montana Board of Investments, Helena, hired three international large-cap equity managers to each run between $95 million and $100 million, said David Ewer, executive director, in an e-mail.
Baillie Gifford and Invesco were hired as growth managers and Lazard Asset Management was hired as a value manager.
Funding will come from international large-cap growth equity managers Hansberger Growth Investors and Martin Currie Investment Management and value manager AllianceBernstein, which were terminated for performance earlier this month.
The terminated managers ran about $370 million total. It’s likely the residual $70 million will be passively invested, Mr. Ewer wrote. Additional information could not be learned by press time.
Spokesmen for the terminated firms declined to comment or did not return telephone calls seeking comment by press time.
The board oversees nine pension funds with about $10 billion in assets combined.
As of March 31, the pension funds had a 16.5% allocation to international equity.