PERS hires MFS to replace Baillie Gifford after staff recommendation
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Summary
Following presentations and staff recommendation, the investment committee approved hiring MFS’s International Growth Equity strategy to replace Baillie Gifford; the motion passed by voice vote with no opposition recorded.
The Public Employees Retirement System of Mississippi’s investment committee approved hiring MFS to replace Baillie Gifford on the system’s active international growth allocation following a staff recommendation and presentations by MFS representatives.
MFS presenters described their long‑term, research‑driven approach, emphasizing a single global collaborative research platform and conservative, long‑horizon growth approach with low turnover. Greg Jones of MFS highlighted the strategy’s long record of rolling 10‑year outperformance since its 2001 inception and the team’s succession and governance planning.
Board staff and consultant materials presented comparative risk‑reward analysis supporting the replacement; the motion to hire MFS was moved, seconded and approved by voice vote with no recorded opposition. Staff instructed operations to implement manager transition steps and update the committee and consultant on timing and transition mechanics.
Next steps include negotiating contract terms and executing the operational transfer away from the incumbent manager, with staff to report timelines for cash movements and any transitional trading activity.
