Laredo (Texas) Firefighters Retirement System hired Dodge & Cox to run $8 million in active international equities, RWC Partners to run $6.5 million in active emerging markets equities AKO Capital to run $5 million in active global equities.
The $159 million pension fund’s board approved the hirings following the recommendation of investment consultant Fund Evaluation Group to increase the number of managers in its 12% allocation to developed markets equities and 10% allocation to emerging markets equities, said Alan Bergin, senior vice president and consultant at FEG, in an email.
Funding comes from reducing an active international developed markets equity portfolio managed by Artisan Partners by $11 million, leaving it with $8 million; an active emerging markets equity portfolio managed by Dimensional Fund Advisors by $6.5 million, leaving it with $6.5 million; and a passive domestic equity portfolio managed by Fidelity Investments by $2 million, leaving it with $23 million, according to the minutes.
Fund Evaluation Group assisted.
Jaime Jasso, pension administrator, could not be immediately reached for further information.