Massachusetts Port Authority Employees' Retirement System, East Boston, hired Pzena Investment Management to run about $13 million in active domestic small-cap value equities.
The $830 million pension fund's board approved the hiring at its Dec. 7 meeting, recently released meeting minutes showed.
The pension fund issued an RFP in September. While the reason for the search was not provided, the search came seven years after the previous small-cap value search, and the Massachusetts Public Employee Retirement Administration Commission mandates that frequency for the issuance of RFPs.
Ariel Investments and Boston Partners were the other finalists. The name of the incumbent manager was not provided.
Investment consultant Wilshire Advisors.
Irene E. Moran, director of retirement, could not be immediately reached for further information.
