The $2.6 billion pension fund began a shortlist search in October following the approval of a restructuring of its international developed markets equities portfolio. The restructuring was the result of a March 2017 asset allocation overhaul that included reducing the international developed markets equity target to 9% from 16% and the creation of an emerging markets equity target of 8%.
It is the final step in the pension fund's restructuring of the portfolio. In November, the pension fund had hired Northern Trust Asset Management to run about $77 million in passive international equities following the terminations of Grantham, Mayo, van Otterloo & Co. from a $114 million active value equity portfolio, State Street Global Advisors from a $79 million passive low-volatility equity portfolio and Mondrian Investment Partners from its $71 million active small-cap equity portfolio. Baillie Gifford, which ran a $199 million active growth equity portfolio, was reduced to $77 million and the pension fund shifted the allocation to Baillie Gifford's EAFE Pure Focus strategy from its ACWI ex-U.S. Alpha strategy.
Investment consultant Meketa Investment Group assisted.