The $2.3 billion pension fund's board approved the hiring at its Dec. 7 meeting after it terminated Iridian Asset Management from an active domestic midcap value equity portfolio due to "poor performance," the minutes said. Colin Morris, Iridian's senior vice president, director of marketing and client service, could not be immediately reached to provide comment.
Iridian was the pension fund's sole active domestic equity manager as of Sept. 30, according to the pension fund's most recent available investment report. The remainder of the portfolio is managed by Northern Trust Asset Management in four index funds totaling $548 million. Whether Vanguard is a permanent replacement could not be immediately learned. The minutes noted Vanguard was hired because Northern Trust does not have a midcap value index fund.
Don Beresford, finance manager, could not immediately be reached to provide further information.