Search activity for the fourth quarter of 2019 decreased 22.1% from the prior quarter and declined 44.7% from the fourth quarter of 2018. Alternatives searches increased 50% from the same period a year ago. Traditional searches decreased 26.83% from last quarter, with fixed-income manager searches declining 61.54%. Notable activity for the quarter included Teachers' Retirement System of Louisiana's $2.9 billion search for domestic and international equity strategies. Lonmodtagernes Dyrtidsfond also issued a $1.1 billion search for a traditional global equity manager.
Hiring activity increased 31.2% from the previous quarter to $58.54 billion. The number of hires increased 0.2% for the quarter and decreased 3.2% from the same period a year ago. Defined contribution hires decreased 82.43% and traditional hires increased 72.55% from the third quarter. BlackRock won 11 mandates, totaling $9.37 billion, which included a hire by U.K. Power Networks Group of the Electricity Supply Pension Scheme for fiduciary management for its $5.1 billion plan. PIMCO received five mandates worth $3.22 billion, including a $2.98 billion hire by Indiana Public Retirement System for traditional fixed-income strategies. Leonard Green won $1.66 billion worth of 13 mandates mostly for its Equity Investors VIII and Jade Equity Investors funds.