Kern County Employees' Retirement Association, Bakersfield, Calif., rehired Glass Lewis as proxy-voting service provider, said Daryn Miller, chief investment officer.
The $5.3 billion pension fund issued an RFP in March because the services had not been put up for bid in more than seven years. The other finalist was Institutional Shareholder Services.
Separately, the pension fund's board at its meeting Wednesday approved terminating BlackRock from its $250 million active international equity portfolio and Mellon Investments from its $112 million active domestic large-cap equity portfolio.
BlackRock runs its International Alpha Tilts strategy and Mellon runs its Dynamic U.S. Equity strategy for the pension fund.
Investment staff recommended the terminations to free up assets to further fund its capital efficiency program, streamline its lineup of active equity managers, save on fees and address potential headwinds to performance given the current market environment, according to a memo to the board from Mr. Miller and Brian Long, senior retirement investment officer.
Some assets will also be reallocated to passive equities in addition to its capital efficiency program. Exact amounts have yet to be determined.
Mellon also runs a $383 million passive domestic large-cap equity portfolio and $280 million passive international equity portfolio for the pension fund.
As of April 30, the actual allocations to domestic equities and international equities were 15.7% and 12.5%, respectively; their respective targets are 19% and 13%.
Investment consultant Verus Advisory assisted with the terminations.
