DeKalb County Employees Retirement Plan, Decatur, Ga., hired State Street Global Advisors to run $370 million in an S&P 500 index fund.
The $1.3 billion pension fund's board approved the hiring at its Jan. 12 meeting, recently released meeting minutes show.
The pension fund conducted a search in order to bring a more "style-neutral" approach to its domestic equity portfolio, according to the minutes. BlackRock, Northern Trust Asset Management and Vanguard Group were the other finalists.
Funding comes from redeeming the pension fund's $220 million investment with SSGA's Russell 1000 Value index fund and reducing the portfolios of active domestic large-cap equity managers Jennison Associates and Loomis Sayles & Co. by $75 million each, leaving them with about $75 million each.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 60%; the target is 61%.
Investment consultant Callan assisted.
Edmund J. Wall, chairman of the pension fund's board, could not be immediately reached for further information.
