Memphis Light, Gas & Water Division, Memphis, Tenn., hired OFI Global Asset Management to run $26 million in active international small-cap equities, recently released pension board meeting minutes said.
The $1.4 billion pension fund conducted an invitation-only search earlier this year as a result of an asset allocation study completed in June 2014 that increased its target to international equities.
Funding comes from Miller/Howard Investments’ international equity portfolio, as well as $14 million from an EARNEST Partners portfolio. Further information on those portfolios was not available by press time.
Investment consultant Gavion assisted.
Anne Walk, manager, treasury management, referred questions to Tamara Nolen, spokeswoman, who did not reply to requests for further information by press time.