Arkansas Teacher Retirement System, Little Rock, selected four finalists in its search for a second small-cap value manager to run a $150 million portfolio. The existing manager is Kennedy Capital Management.
The system wanted to expand its involvement with small-cap value, said Bill Shirron, executive director, who added that funding likely will come from three or four existing managers. Neither these managers nor the finalists were identified.
The hiring is expected to be announced in May.
Holbein Associates is assisting.
The system had $7 billion in assets as of Sept. 30.
