Baltimore City Employees’ Retirement System hired Northern Trust Asset Management to run $40 million in an active low-volatility equity portfolio.
The $2.2 billion pension fund’s board approved the hiring at its March 20 meeting, recently released meeting minutes showed.
Funding comes from the termination of Allspring Global Investments from a similar portfolio. The board voted to terminate the manager at its Feb. 20 meeting following news earlier in the month that Allspring was terminating its alternative equity team, which would lead to the low-volatility strategy being discontinued.
The pension fund’s board also interviewed MFS Investment Management. The pension fund has a target allocation of 4% to low-volatility equities.
Investment consultant Marquette Associates assisted.
