Ohio Highway Patrol Retirement System, Columbus, hired Baillie Gifford, Ninety One and Mondrian Investment Partners to run about $78 million each in active global equities, confirmed Mike Press, chief investment officer and general counsel.
The three managers will run the $970 million pension fund's newly created 24% target to global equities. Baillie Gifford will run growth; Ninety One, formerly Investec Asset Management, core; and Mondrian, value.
The pension fund issued an RFP in August because the pension fund was undergoing a change in the structure of its public equity exposure as part of an asset allocation review.
The pension fund also terminated five equity managers as a result of the pension fund decreasing its targets to domestic equities and international equities to 21% and 6%, respectively, from 30% and 18%.
The managers, all active, and their assets in the plan as of Nov. 30 are domestic large-cap growth manager Jennison Associates, $76 million; domestic large-cap value manager LSV Asset Management, $52 million; international growth manager William Blair & Co., $51 million; international manager Lazard Asset Management, $41 million; and international value manager Thompson, Siegel & Walmsley, $37 million.
The remaining assets from the terminations will go to rebalancing.
The pension fund also increased targets to opportunistic fixed income to 9% from 8%, real estate to 8% from 7% and cash to 3% from 2%, and reduced targets to absolute return to 6% from 7%, real assets to 4% from 5% and core fixed income to 6% from 10%.
The target to private equity remains unchanged at 13%.
As of Nov. 30, the actual allocation was 32.5% domestic equities, 19.8% international equities, 10.6% private equity, 9.2% absolute return, 8.3% opportunistic fixed income, 7.1% core fixed income, 7% real estate, 2.9% cash and 2.6% real assets.
Investment consultant Clearstead assisted with the allocation review and hires.