Louisiana Teachers' Retirement System, Baton Rouge, rehired two incumbent money managers to run a total of about $775 million, said Dana Brown, director of public markets.
First, the $20.1 billion pension fund rehired MFS Investment Management to run about $425 million in active international large-cap value equities. The pension fund had issued a solicitation for proposals in February due to the pending expiration of MFS' contract. At its April 4 meeting, the pension fund's board voted to skip finalist presentations and rehire MFS.
Also at that meeting, the pension fund rehired Loomis, Sayles & Co. to run a $350 million active domestic core-plus fixed-income portfolio. The pension fund had issued a solicitation for proposals in January due to the pending expiration of Loomis Sayles' contract. Dodge & Cox and Manulife Asset Management were the other finalists.
As of Feb. 28, the actual allocations to international developed market equities and domestic fixed income were 12% and 8%, respectively.
Investment consultant Aon Hewitt Investment Consulting assisted with both searches.