Fort Worth (Texas) Employees' Retirement Fund hired Westwood Holdings Group to run $47 million in domestic small-cap value equity, said Joelle Mevi, executive director and chief investment officer, in an e-mail.
Funding will come from Artisan Partners, which is being terminated from a similar strategy due to recent performance, Ms. Mevi wrote.
An Artisan Partners spokesman was not immediately available for comment.
Also, the $2 billion pension fund will redeem $17 million from BTG Pactual Asset Management's global macro emerging markets hedge fund.
“This redemption is the result of issues with the parent company of BTG Pactual and not a result of any direct activity with the management of the GEMM fund,” Ms. Mevi wrote.
Further information, including whether it is a full or partial redemption, could not immediately be learned.
The CEO of Brazilian bank Grupo BTG Pactual resigned last month after he was arrested on suspicion that he tried to interfere with testimony of a former executive of Petroleo Brasileiro SA who was jailed in January under allegations of paid bribes.
A BTG Pactual Asset Management spokeswoman could not immediately provide a comment on the pension fund's redemption.