Ohio State Highway Patrol Retirement System, Columbus, will hire Brandywine to run $30 million in active domestic small-cap to midcap value equities, pending contract negotiations, said Richard Curtis, executive director. The $650 million plan is moving into the asset class because "its a sound place to be, said Mr. Curtis, adding that it intends to add an additional $10 million portfolio in the asset class, which will be handled by Brandywine or one of the search finalists.
By the end of the year, the plan also intends to hire one or two managers to run about $20 million each in mutual funds indexed to the Russell 2500 growth and value indexes. Callan will conduct the invitation-only search.
Funding for all the allocations will come from reducing a $40 million S&P 400 index fund and a $40 million Russell 2000 growth index fund, both managed by State Street Global Advisors. Some additional funds may come from the plans international equity and real estate portfolios, which are both overfunded at this point, said Mr. Curtis.