The $1.4 billion Pennsylvania Municipal Retirement System, Harrisburg, has selected three firms to run $50 million each in active international equities, effectively from January 31, Pensions & Investments reports. HGK Asset Management will run mostly core, while Johnston Asset Management and Wentworth, Hauser & Violich will manage the growth mandate.
The new managers will be replacing Mercator Asset Management, which ran $105 million in value, and Wentworth Hauser and GlobeFlex Capital, which ran about $50 million and $35 million, respectively. The contracts of these three managers will expire in February. Consultant Dahab Associates assisted in searching for the new firms. Additionally, the retirement system has appointed State Street Global Advisors to manage $100 million in passive international equities.
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