The $28.1 billion pension fund conducted a shortlist search for an active international small-cap equity manager because of personnel changes at Fidelity Institutional Asset Management, which ran a similar portfolio. The board terminated FIAM following its selection of Principal. Other finalists were Acadian Asset Management and Victory Capital Management.
As of June 30, the fund's allocation to international equities was 21.6%.
Lorrie Tingle, chief investment officer, could not be reached immediately to provide further information.