Miami General Employees’ and Sanitation Employees’ Retirement Trust, Coconut Grove, Fla., hired State Street Global Advisors to run about $53 million in passive international equities.
The $1.1 billion pension fund’s board approved the hiring at its Sept. 27 meeting, recently released meeting minutes show.
Funding comes from the termination of Barings from its $73 million active international equity portfolio at that same meeting due to personnel changes. The remaining $20 million from the portfolio will be used for rebalancing the pension fund’s fixed-income portfolio.
As of Sept. 30, the pension fund’s actual allocation to international equities was 6.9%.
Investment consultant Southeastern Advisory Services assisted.
