Manchester (N.H.) Employees' Contributory Retirement System hired Arrowstreet Capital and Loomis Sayles & Co. to manage $15 million each in active global equities.
The $296 million pension fund's board approved the manager hires at its Aug. 10 meeting, said Gerard Fleury, interim executive director.
The pension fund conducted a shortlist search following the creation of a 10% target allocation to global equities. Mr. Fleury did not have further information regarding how the new target is being funded.
The pension fund's revised target allocation is 20% domestic large-cap equities; 12% each private equity and real assets; 10% global equities; 8% multisector credit; 7% each emerging markets equities and international equities; 6% each core fixed income, domestic small-cap equities and Treasury inflation-protected securities; 4% international small-cap equities; and 2% cash.
GQG Partners was the other finalist.
Investment consultant NEPC assisted.