Louisiana Firefighters' Retirement System, Baton Rouge, hired BlackRock to run about $63 million in passive domestic smidcap equities.
The $1.8 billion pension fund's board approved the hiring at its Dec. 10 meeting, recently released meeting minutes show.
The hiring was the result of a reevaluation of the smidcap asset class, which resulted in the reduction of portfolios of current active domestic smidcap equity managers Rothschild & Co. and QMA to $37 million and $25 million, respectively, from $63 million each.
As of Nov. 30, the system's actual allocation to domestic equities was 23.9%; the target is 22.5%.
Investment consultant NEPC assisted.
Chief Investment Officer Michael Becker did not reply to requests for further information.