Ohio Public Employees Deferred Compensation Program, Columbus, hired Apex Capital Management, Westfield Capital Management and Westwood Holdings Group to manage two new white-label domestic small-cap equity funds, said spokesman Josh King.
The $12 billion 457 plan issued an RFP in June due to performance concerns with existing small-cap managers Hartford Funds Management (growth) and First Pacific Advisors (value).
Both new funds are white-label separate accounts. The new growth fund will be 70% managed by Westfield and 30% managed by Apex, and the new value fund will be 100% managed by Westwood.
As of Dec. 31, 2015, according to the plan’s most recent annual report, the First Pacific Advisors fund had $169 million in plan assets and the Hartford fund, $132 million.
Hartford Funds spokeswoman Robin Pertusi could not immediately provide comment and an FPA spokesman said the firm declined to comment.
Investment consultant Aon Hewitt Investment Consulting assisted.