Montana Board of Investments, Helena, hired State Street Global Advisors to run $27 million in an S&P 500 index exchange-traded fund, said materials prepared for Tuesday’s board meeting.
Funding will come from the termination of domestic small-cap value equity manager Wells Capital Management, which also managed $27 million. Wells Capital was terminated because of personnel changes the materials show. The termination also keeps with the board’s current strategy of trimming its domestic small-cap equity allocation, the meeting materials noted. Further information could not immediately be learned.
The board, which oversees roughly $10 billion in pension fund assets, had a roughly 38% allocation to domestic equity as of Sept. 30.
David Ewer, executive director, could not immediately be reached for additional information.