St. Louis Public School Retirement System hired LMCG Investments to run $25 million in active emerging market small-cap equities, recently released board meeting minutes show.
The $844 million pension fund conducted a shortlist search earlier this year for its third emerging markets equity manager; the other two managers run active core strategies. As of May 31, Dimensional Fund Advisors and Invesco ran $16 million and $27 million, respectively, according to a recent investment report.
Highclere International Investors was the other finalist. The funding source was not disclosed.
As of May 31, the pension fund's actual allocation to overall international equities was 15.8%; the target is 22%.
Investment consultant NEPC assisted.
Andrew Clark, executive director, did not return a phone call seeking further information by press time.
