Search activity for the first quarter of 2020 increased 50.5% from the prior quarter and increased 13.1% from the first quarter of 2019. Service providers and traditional manager searches increased 47.6% and 46.6% from the prior quarter, respectively. Some 66% of service providers searches are for consultants and 17% are for record keepers. Notable activity for the quarter included Employees Retirement System of Texas' $4.6 billion search for international equity. Florida Prepaid College Board also issued a $4 billion search for traditional liability-driven investment strategies. Massachusetts Pension Reserves Investment Management Board issued consultant searches for asset allocation, public markets and real estate investment advisory services.
Hiring activity decreased 20.3% from the previous quarter to $46.6 billion. The number of hires increased 9% for the quarter and increased 6.1% from the same period a year ago. Private equity hires decreased 21.2% and traditional manager hires decreased 28.6% from the prior quarter. Robeco won three mandates, totaling $1.234 billion, which included a hire by Florida State Board of Administration for its $800 million emerging market equity strategy. Leonard Green received eight mandates worth $1.208 billion, including a $400 million hire by New York State Common Retirement Fund for private equity buyout strategies. Schroders won $1.157 billion worth of three mandates and was hired by Schroders Retirement Benefits Scheme for its £800 million ($1 billion) cash-flow-driven investment strategy.
