San Antonio Fire & Police Pension Fund hired Barrow Hanley and EARNEST Partners to manage active international value equity portfolios.
The $3.8 billion pension fund's board approved the hirings at its Aug. 29 meeting, recently released meeting minutes show.
The pension fund conducted a search and included existing active international value equity managers Pacific Investment Management Co. and First Eagle Investment Management, which run $100 million and $96 million, respectively, as the other two finalists.
The board voted to terminate First Eagle Investment Management and reallocate the existing assets among PIMCO, Barrow Hanley and EARNEST Partners, according to the minutes.
The minutes did not provide a specific reason for terminating First Eagle and did not say exactly how the assets would be reallocated.
Investment consultant NEPC assisted.
Cary Hally, chief investment officer, could not be immediately reached for further information.