Orange County (Calif.) Employees Retirement System board hired Artisan Partners to run a $90 million small-cap value portfolio, replacing Pilgrim Baxter, said Farouki Majeed, investment officer for the $4.4 billion fund. He declined to comment further on the termination. Other finalists were Dimensional Fund Advisors and T. Rowe Price.
Also, the funds investment committee recommended the full board enlist a consultants help in forming a short list for its search for a fixed-income index manager to run a $150 million fund.
Currently, the $1.5 domestic fixed-income portfolio is actively managed and the board decided in June to include some passive management. However, it will be up to the full board to decide whether to accept the approach recommended by the investment committee or institute some other search process, Mr. Majeed explained.