El Paso (Texas) Firemen & Policemen's Pension Fund hired Northern Trust Asset Management to run $80 million in passive domestic large-cap growth equities.
The $2 billion pension fund's board approved the hiring at its July 20 meeting, said Tyler Grossman, executive director, in an email.
Funding comes from the termination of Brown Advisory from its $80 million active domestic large-cap growth equity portfolio, Mr. Grossman said.
The termination was not performance-related, but reflected the board's decision to move its large-cap growth portfolio to a passive strategy from an active one, he said.
As of Dec. 31, the pension fund's actual allocation to domestic large-cap equities was 22.2%.