Oakland (Calif.) Police & Fire Retirement System hired Rice Hall James & Associates to run about $10 million in domestic small-cap growth equity, said David Sancewich, managing director at the pension fund's investment consultant, Pension Consulting Alliance.
Rice Hall James will replace Lord, Abbett & Co., which managed roughly the same amount in a similar strategy and was terminated because of “severe underperformance and the (manager's) style of investing in high-growth small-cap stocks, as opposed to 'core growth,'” Mr. Sancewich previously told Pensions & Investments.
An RFP was issued in the second quarter of 2015 for domestic small-cap growth equity managers to run $10 million to $15 million. The other finalists were Brown Advisory and Falcon Point Capital.
The pension fund has about $370 million in assets.