St. Louis Public School Retirement System hired Mellon Investments to manage $19 million in passive domestic large-cap growth equities.
The $811 million pension fund's board approved the hiring at its Dec. 19 meeting, said Susan Kane, executive director.
Funding comes from the termination of active domestic large-cap growth equity manager Intech Investment Management, also approved Dec. 19. Ms. Kane said Intech had been on watch for performance concerns.
Andre Prawoto, Intech's chief marketing officer, could not be immediately reached for comment.
As of Dec. 31, the pension fund's actual allocation to domestic large-cap growth equities was 5.4%; the target is 5%.
Investment consultant AndCo Consulting assisted.