Louisiana Municipal Police Employees Retirement System, Baton Rouge, hired State Street Global Advisors to manage about $87 million in passive international small-cap equities.
The $2.9 billion pension fund’s board approved the hiring at its Aug. 21 meeting, recently released meeting minutes showed.
The hiring was the result of the board’s approval at its March 20 meeting of a new 3% target to international small-cap equities, funded by a reduction in the real estate target to 4% from 7%, according to that meeting’s minutes.
As of Sept. 30, the actual allocation to international small-cap equities was 2.8%.
Investment consultant NEPC assisted.
