Louisiana Assessors' Retirement Fund, Baton Rouge, hired Driehaus Capital Management to run about $13 million in active international small-cap equities.
The $511 million pension fund hired the manager to add further diversification to the international equity asset class, said Jon Breth, senior consultant at AndCo Consulting, the pension fund's investment consultant.
Funding comes from rebalancing, Mr. Breth said. Some funding will come from domestic equities, which are above their target, with some funding from slight reductions in the portfolios of existing active international equity managers Capital Group and Thompson Siegel & Walmsley, and passive international equity manager State Street Global Advisors. He could not immediately provide specific amounts.
AndCo Consulting assisted.
