El Paso (Texas) Firemen & Policemen's Retirement System hired Janus Henderson to manage about $45 million in active domestic midcap growth equities.
The $1.6 billion pension fund's board approved the hiring at its March 15 meeting, said Tyler Grossman, executive director, in an email.
Funding will come from reducing the portfolios of large-cap and small-cap equity managers. No managers will be terminated, Mr. Grossman said. The pension fund earlier created a 5% target to midcap equities, which would be split evenly between value and growth managers. The pension fund's board approved the hiring of Nuance Investments in October to manage the value portion.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 22.3%.
Investment consultant AndCo Consulting assisted.