Louisiana State Police Retirement System, Baton Rouge, hired State Street Global Advisors to run about $65 million in passive domestic large-cap value equities.
The $950 million pension fund invested in SSGA's Russell 1000 Value index strategy due to the impending closure of money manager AJO, which ran an active domestic large-cap value equity portfolio, said Kevin P. Reed, executive director.
The pension fund does not have plans to hire an active manager, Mr. Reed said. The investment with SSGA is not intended to be transitional, but the board retains its discretion in a changing market environment, he said.
Investment consultant UBS assisted.