St. Louis Public School Retirement System hired Mellon Investments to manage $30 million in passive domestic large-cap value equities.
The $867 million pension fund’s board approved the hiring at its Oct. 21 meeting, recently released meeting minutes showed.
According to the minutes, investment consultant Mariner Institutional recommended the hiring for further diversification within the large-cap value equity portfolio. Funding comes from a reduction in active domestic large-cap value manager Edgar Lomax’s portfolio, leaving it with about $42 million.
As of Sept. 30, the actual allocation to domestic large-cap value equities was 8.3%.
