El Paso (Texas) Employees' Retirement Trust hired AllianceBernstein and Wellington Management to run about $54 million each in active domestic smidcap core equities.
The $937 million pension fund's board approved the hirings at its Jan. 20 remote meeting, recently released meeting minutes show.
The hirings are part of a restructuring of the fund's domestic equity allocation, which includes the terminations of three active domestic smidcap equity managers, which ran about $46 million each: Riverbridge (growth), Vulcan (core) and WEDGE Capital Management (value).
The reason for the change in smidcap managers was not known.
The pension fund's board also approved increasing its allocations to its domestic large-cap equity manager Mellon Investments' two portfolios. The board added $15 million to the passive portfolio, bringing it to about $107 million, and $15 million to the active portfolio, bringing it to about $92 million.
Investment consultant Callan assisted.
Robert Ash, executive director, did not respond to requests for further information.