Arlington County (Va.) Employees’ Retirement System hired Northern Trust Asset Management to run $90 million in passive international equities.
The $3.2 billion pension fund’s board approved the hiring at its June 6 meeting, said Susie Ardeshir, executive director and chief investment officer.
Funding comes from the termination of Kiltearn Partners from a $139 million active global equity portfolio. The manager was terminated due to “lack of conviction going forward on the strategy,” said Ardeshir.
The board approved moving 65%, or about $90 million, of the Kiltearn assets to a new All Country World Index ex-US strategy managed by NTAM, and 35%, or about $49 million, to an existing Russell 1000 Value index portfolio managed by NTAM, giving it about $266 million in assets in the plan.
The pension fund has a target allocation of 63% to public equities.
Investment consultant Windmark Investment Partners assisted.
