Ann Arbor (Mich.) Employees' Retirement System hired Artisan Partners to manage $27 million in active international value equities.
The $583 million pension fund's board approved the hiring of Artisan at its Jan. 21 meeting, confirmed Wendy Orcutt, executive director.
Funding came from an existing passive international equity portfolio managed by Northern Trust Asset Management, leaving it with about $18 million.
As of June 30, the pension fund's actual allocation to international equities was 13.3%.
Investment consultant Meketa Investment Group conducted the shortlist search.