San Jose (Calif.) Retirement Systems hired Eagle Asset Management to manage about $40 million in a small-cap growth equity assignment for the Federated City Employees Retirement System.
About $23 million of the assets going to Eagle had been managed by George D. Bjurman & Associates, which was terminated for performance reasons. Bjurman officials could not be reached for comment.
The additional $17 million came from reducing an S&P 500 index portfolio; it was moved to small-cap to bring the allocation closer to target, pension executives said.
Callan assisted. San Jose's retirement assets total more than $900 million.