Missouri Local Government Employees Retirement System, Jefferson City, announced manager hires, commitments and investments totaling $214 million.
The $9.4 billion pension fund hired Wells Fargo Asset Management to run about $110 million in active domestic small-cap growth equities, said Megan Loehner, deputy chief investment officer, in an email.
Funding comes from the termination of AMI Asset Management from a similar portfolio for performance reasons, Ms. Loehner said. Matthew Dorband, AMI's director of sales and marketing, could not be immediately reached for comment.
Also, the pension fund made a direct hedge fund investment of $64 million to Aviation Fund II Annex Fund, managed by Avenue Capital Group. LAGERS previously invested $100 million in Avenue Aviation Opportunities Partners II in 2017.
The pension fund also committed $40 million to Portfolio Advisors Real Estate Fund VIII, a real estate fund of funds. Previously, LAGERS committed $60 million to Portfolio Advisors Real Estate Fund VII in 2018.
As of March 31, the actual allocations to equities, real assets and its alpha portfolio were 32.9%, 28.6% and 7.3%, respectively.