Gwinnett County Employees' Retirement System, Lawrenceville, Ga., hired The London Co. to manage $57.5 million in active domestic large-cap value equities and BlackRock to run $25 million in passive domestic large-cap core equities, said recently released board meeting minutes.
The $1 billion pension fund conducted an invitation-only search for additional large-cap equity managers in June, changing the overall allocation to large cap to 25% from 25.6%.
The board approved the selection of The London Co. to run 5.75% of the pension fund's overall portfolio and BlackRock to run 2.5% at its Dec. 1 meeting. Current manager Barrow, Hanley, Mewhinney & Strauss' portfolio will be reduced to $57.5 million, or 5.75%, from its current $136 million, or 13.6%.
Active domestic large-cap growth equity managers Columbia Threadneedle Investments and TCW Group will now manage $55 million, or 5.5%, each. They currently run $64 million and $56 million, respectively.
Investment consultant UBS assisted.
Paul Turner, the county's treasury division director, finance, could not be immediately reached to provide further information.
