The $650 million Flint (Mich.) Employees' Retirement System hired two domestic equity managers as part of a new emerging manager program, said John Northrup, board chairman.
Hired were Paradigm Asset Management for a value-oriented portfolio and GLOBALT for a growth equity mandate.
Each firm will receive $10 million. Funding for the new managers will come from reducing the portfolios of other domestic equity managers, Mr. Northrup said, but none will be terminated. Callan assisted.
In addition, he said, Callan recently was retained as the fund's consultant, after a competitive bidding process. Also interviewed, he said, were DeMarche, Becker Burke Associates and Asset Strategies.