Massachusetts Water Resource Authority Employees’ Retirement System, Chelsea, hired J.P. Morgan Asset Management and Lazard Asset Management to run $25 million each in active global equities.
The $691 million pension fund’s board approved the hirings at its July 25 meeting, said Carolyn Russo, executive director.
The pension fund issued an RFP in April as a result of the creation of an 8% target to global equity at its Feb. 29 board meeting, Russo said at the time.
The board at the time approved the creation of the target following a review of its international equity structure. The board also approved reducing the targets to domestic large-cap equities to 22% from 24%, international equities to 8% from 12% and emerging markets equities to 5% from 7%.
Specific funding sources for the new portfolios have yet to be determined.
The other finalists were Dimensional Fund Advisors, Manulife Investment Management, Pictet Asset Management and Walter Scott & Partners.
Investment consultant NEPC assisted.
