The $744 million pension fund conducted a shortlist search for a manager to replace Trilogy Global Advisors, which ran $42 million in active international large-cap equities.
Trilogy "has discontinued investing in the non-U.S. large-cap strategy," according to the Aug. 29 board meeting minutes.
The board elected to move the assets to an international equity index fund managed by Northern Trust rather than hiring a new active manager in order to save on fees. There were no finalist presentations.
As of Aug. 31, the actual allocation to international equities was 13.2%.
Investment consultant Marquette Associates assisted.
Stephen G. Olish, executive director, could not be immediately reached to provide further information.