The $883 million pension fund's board voted April 28 to move the assets following the announcement by Chicago Equity Partners, the pension fund's other large-cap value equity manager, that it would be closing, according to a video of the special board meeting posted on YouTube.
According to a memo shown in the video from Chicago Equity Partners, it plans to manage clients' assets until May 31.
Kristin R. Finney-Cooke, senior consultant at NEPC, the pension fund's investment consultant, recommended in the video simply moving the assets to the one manager since Edgar Lomax has had "outstanding performance." The move of assets in kind gives Edgar Lomas about $75 million in its portfolio.
As of Dec. 31, the actual allocation to domestic large-cap equities overall was 15.9%.