Ann Arbor (Mich.) City Employees' Retirement System hired its first small-cap value and microcap value managers, said Robb Hubbs, retirement administrator for the $280 million fund. Loomis, Sayles will manage $6.75 million in the small-cap value portfolio; Schwartz Investment Counsel will manage about $750,000 in a microcap value fund.
Assets came from terminating Ariel Capital Management, which had run part of the fund's 15% small-cap allocation. Fund officials wanted more specialized approaches. Callan Associates assisted.
Callan also will help the fund in issuing requests for information for a large-cap growth manager to handle $32 million.
The search should be completed by the end of the year. Funding has yet to be determined.