New Hampshire Retirement System, Concord, hired BlackRock to run $143 million in passive international equity.
The $10.3 billion pension fund's independent investment committee approved the hiring at its Dec. 13 meeting, spokesman Marty Karlon said in an email.
Funding comes from the termination of active emerging markets equity manager Neuberger Berman, which was approved at that same meeting, Mr. Karlon said. The committee cited performance concerns. At the meeting, the committee tabled discussion of further changes until 2023.
Neuberger Berman spokesman Alexander Samuelson could not be immediately reached for comment.
As of Sept. 30, the pension fund's actual allocation to international equities was 15.5%; the target is 20%.
Investment consultant Callan assisted.