Wyoming Retirement System, Cheyenne, hired Dodge & Cox to manage $400 million in active domestic large-cap value equities, said Harry Wales, finance manager. Funding came from terminating Ark Asset Management, which managed a similar portfolio. The system wanted a group that had produced better returns over time, Mr. Wales said.
The $4.2 billion system did hire Ark to manage $50 million in active domestic small-cap value equities, however, and hired Lord Abbett to manage $50 million in active domestic midcap value equities, said Mr. Wales. Assets came from reducing a Northern Trust domestic fixed-income index fund that exceeded its target allocation. Northern Trust will continue to manage $400 million in the index fund.
The current allocation is 64% equities and 36% fixed income. Buck Consultants assisted.