St. Louis Firefighters' Retirement Plan hired Northern Trust Asset Management to run pension fund's $22 million in passive domestic large-cap equities, said Janice Fairless, manager of the retirement plan.
The $80 million pension fund will invest $12 million in a Northern Trust Russell 1000 Value index collective investment trust and $10 million in a Northern Trust Russell 1000 Growth index CIT and will redeem its investments in similar index mutual funds managed by Vanguard Group.
The change was made to save on fees, which will be cut to 4 basis points from 8 basis points, Ms. Fairless said.
Investment consultant Dahab Associates assisted.
