Coral Gables (Fla.) Retirement System hired Northern Trust Global Investments to run $18 million in passive international equities, confirmed Kimberly Groome, retirement system administrator.
Funding comes from the $306 million pension fund's termination for performance of Delaware Investments, which ran an active international equities portfolio.
Delaware Investments spokeswoman Marlene Petter declined comment.
Separately, the pension fund committed $15 million to PIMCO Tactical Opportunities Fund managed by Pacific Investment Management Co. Funding comes from reducing the portfolios of the pension fund's current fixed-income managers. Ms. Groome said no managers will be terminated.
The Bogdahn Group assisted.