Santa Barbara County calls on 2 to manage domestic midcaps

Santa Barbara County (Calif.) Employees' Retirement System hired Artisan Partners (APAM) and RBC Global Asset Management to run $35 million each in active domestic midcap equities, confirmed Eli Martinez, investment officer for the $2.05 billion pension plan.

Artisan will manage a growth strategy and RBC, value.

Funding comes from reducing State Street Global Advisors' Russell 1000 index fund, $60 million; Dimensional Fund Advisors small-cap value, $5 million; and Eagle Asset Management small-cap growth, $5 million.

Separately, the board approved terminating the $190 million active TIPS portfolio managed by Wellington Management. Mr. Martinez said investment consultant Meketa Investment Group does not “believe” in managing TIPS actively.

The assets will be transferred to a passive TIPS portfolio managed by BlackRock (BLK), pending contract negotiations.