Fort Lauderdale (Fla.) General Employees' Retirement System hired HGK Asset Management and Sprucegrove Investment Management to run $25 million each in active international value equities.
The $706 million pension fund's board approved the hirings at its Feb. 13 meeting, recently released minutes show.
The pension fund issued an RFP in October. Brandes Investment Partners was the other finalist.
Funding comes from the termination of Franklin Templeton Investments from a $25 million active international equity portfolio and the reduction of a passive international equity portfolio managed by State Street Global Advisors by $25 million, leaving it with about $25 million.
The reason for the termination was not provided in meeting minutes.
As of Dec. 31, the actual allocation to international equities was 14.7%.
Investment consultant Dahab Associates assisted.
Nick Schiess, pension administrator, did not return phone calls seeking further information.
