The $1.6 billion pension fund conducted an invitation-only search because current manager DePrince, Race & Zollo’s strategy was “limiting itself by focusing only on dividend-paying stocks,” the minutes from Tuesday’s board meeting said.
Other finalists were AJO and William Blair & Co.
Investment consultant Summit Strategies Group assisted. Interim Executive Director Beth McCague would not comment on the hire.
Separately, the board at its Tuesday meeting approved extending an offer to Timothy Johnson as its new executive director, Ms. McCague said.
Ms. McCague has held the position on an interim basis since Dec. 1 and has led the search for a permanent executive director to replace John Keane, who retired in September and stayed on as a consultant until February.
Mr. Johnson is currently executive director of the $820 million Allegheny County Employees’ Retirement System, Pittsburgh. Further information on his current position could not be learned by press time.
Executive search firm EFL Associates assisted with the executive director search.
Mr. Johnson did not return a phone call by press time.