Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., hired HGK Asset Management to run about $28 million in active international equities.
The $792 million pension fund's board approved the hiring at its April 28 meeting, recently released meeting minutes show.
Funding comes from the termination, also approved at the meeting, of a similar active international equity portfolio managed by Pictet Asset Management. The reason for the termination was not provided in the minutes.
As of June 30, the most recent data available, the pension fund's actual allocation to international equities was 18.8%, according to its most recent annual report.
Investment consultant AndCo Consulting assisted.
Carly Webster, county human resources analyst and board secretary, could not be immediately reached for further information.
