Memphis Light, Gas & Water Division, Memphis, Tenn., hired GQG Partners to manage about $46 million in active international equities for its $1.5 billion pension fund.
The pension fund’s board approved the hiring at its Feb. 19 meeting, recently released meeting minutes showed.
The pension fund conducted a search for a manager to complement its other international equity manager, Causeway Capital Management. The other finalist was MFS Investment Management.
Funding will come from the termination of JO Hambro Capital Management, which runs a similar portfolio, due to performance concerns. A JO Hambro spokesperson could not be immediately reached for comment.
Investment consultant CBIZ Investment Advisory Services assisted.
