West Palm Beach (Fla.) Firefighters' Pension Fund hired Dimensional Fund Advisors to manage about $10 million in active international value equities.
The $253 million pension fund's board approved the hiring at its May 4 meeting, said Brendon Vavrica, senior consultant at investment consultant AndCo Consulting, in an email.
AndCo Consulting had recommended adding a value manager to provide further diversification in its overall international equity portfolio, according to board meeting materials.
Funding comes from a reduction in Capital Group's active international equity portfolio, leaving it with about $10 million.
As of Sept. 30, the pension fund's actual allocation to international equities was 8.1%; the target is 10%.