Dallas/Fort Worth International Airport terminated domestic core equity manager South Texas Money Management, said Michael Phemister, vice president of treasury management.
The airport board's had roughly $20 million total invested with South Texas Money Management from its two pension funds. The firm was terminated to bring the pension funds more in line with its 20% domestic equity target; the actual allocation was 24.5% as of Sept. 30.
The $20 million will be spread across other portfolios.
Separately, a search is ongoing for an active or passive international small-cap equity manager to help the pension funds maintain their 17.5% international equity target, Mr. Phemister said. Funding sources are still being been finalized. A hiring decision was initially expected last month and is now looking like June, Mr. Phemister said.Investment consultant AndCo Consulting, formerly known as The Bogdahn Group, is assisting with the search. No RFP was issued.
The airport board oversees two pension funds with a combined $540 million in assets, plus two 401(a) plans and two 457 (b) plans with a combined $130 million in assets.