Louisiana Firefighters’ Retirement System, Baton Rouge, added $30 million each to the portfolios of active international equity managers Fisher Investments and LSV Asset Management, giving each manager about $100 million, recently released board meeting minutes said.
The $1.4 billion pension fund’s investment consultant, NEPC, recommended adding the assets to the portfolios; a reason was not given. Partial funding came from reducing BNY Mellon Investment Management’s passive domestic large-cap equity portfolio by $45 million to about $255 million; the rest came from cash.
The target allocation to international equity is 16%; as of May 31, following the rebalancing, the active allocation was 14.8%.
Michael Becker, chief investment officer, did not respond to a request for further information.