The $2 billion San Jose (Calif.) Federated City Employees’ Retirement System hired Artisan Partners Asset Management to run up to $50 million in global equity, confirmed a board spokesman.
The approval for the global growth equity strategy came at the board’s meeting on Thursday and will be funded by rebalancing assets from other managers in the pension fund’s $600 million equity portfolio, the spokesman said. The system has 12 active and passive equity strategies and the exact specifics of the rebalancing are still being determined, he said.
Artisan already manages a $150 million global value equity strategy for the pension fund.
A Jan. 24 investment staff memo recommended Artisan’s global growth strategy since the pension fund had “no growth-oriented alternative.”