Pittsburgh Comprehensive Municipal Pension Trust Fund hired Xponance as its S&P 500 index manager, running about $195 million.
The $1 billion pension fund's board approved the hiring at its Sept. 7 meeting, a recently released transcript shows.
The pension fund had issued an RFP in June to increase its exposure to women- or minority-owned managers. According to a May 4 meeting transcript, the pension fund invited incumbent State Street Global Advisors to rebid for the services, although the firm did not do so. RhumbLine Advisers was the other finalist.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 26.9%; the target is 22%.
Investment consultant Marquette Associates assisted.
