El Paso (Texas) Firemen & Policemen Retirement Fund hired Barrow Hanley Mewhinney & Strauss to manage about $49 million in small-cap value equities, confirmed Tyler Grossman, executive director of the $1.8 billion pension fund.
The board selected the manager at its Aug. 18 meeting.
Funding will come from a small-cap value index fund managed by Northern Trust Asset Management. Northern Trust managed the funds on an interim basis after the board agreed in February to redeem its position of about $57.5 million within an active small-cap value equity strategy run by William Blair & Co. due to a change in personnel.
While most of the funds went to the Northern Trust index fund, the rest went to a small-cap growth equities strategy managed by William Blair, bringing the total of that strategy to roughly $85 million.
