New Orleans City Employees’ Retirement System hired Vanguard Group to run $29 million in passive domestic large-cap growth equities, said Jesse Evans Jr., director, in an e-mail.
The $369 million pension fund hired Vanguard and terminated several active managers as part of the board’s continuing efforts to reduce its overall number of investment managers and move portions of its portfolio to passive investments.
Funding comes from the termination of active domestic large-cap growth equity managers INTECH Investment Management and Holland Capital Management, which ran $19.5 million and $9.5 million, respectively.
Also, the pension fund added $9.5 million to Vanguard Group’s existing passive domestic midcap equity portfolio, giving the portfolio a total of about $34.5 million. Funding comes from the termination of active domestic small-cap core equity manager Segall Bryant & Hamill.
Investment consultant The Bogdahn Group assisted.