Boston Retirement System hired Aristotle Capital Management to run $130 million in active domestic large-cap value equities, recently released board meeting minutes show.
The $4.9 billion pension fund issued an RFP in April to reduce the number of domestic large-cap equity portfolios from its existing seven in an effort to reduce fees.
The board at its Aug. 21 meeting voted to add Aristotle's value portfolio to the large-cap equity lineup and rehired existing value manager Columbia Threadneedle Investments, whose portfolio had $107 million in assets as of March 31.
Aristotle already runs an active domestic small-cap core equity portfolio for the pension fund. That portfolio had $102 million in assets as of March 31.
All of the pension fund's incumbent large-cap equity managers — which also included D.E. Shaw Investment Management, Intech Investment Management, J.P. Morgan Asset Management, RhumbLine Advisers and Zevenbergen Capital Investments — were encouraged to submit bids.
At its July 17 meeting, the board terminated J.P. Morgan Asset Management from its $199 million active domestic large-cap core equity portfolio and Intech Investment Management from its $56 million active domestic large-cap growth equity portfolio.
Also at that meeting, the board voted to move assets from core manager D.E. Shaw's $215 million 130/30 strategy to its existing domestic large-cap enhanced core equity strategy, giving the latter portfolio a total of $298 million.
Within growth, the board voted in July to reduce the number of managers to one from two, reallocating Intech's assets to the other growth manager, Zevenbergen, giving that manager a total of $112 million in assets.
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Investment analyst John Kelly could not be immediately reached to provide further information.
