Denver Public Schools Retirement System hired Constitution Research and Cordillera Asset to manage $25 million each in active domestic small-cap growth equities with midcap flexibility for the $2.3 billion plan, said David A. Stella, executive director. Funding came from terminating Essex for performance; Essex managed $43 million in the same style, Mr. Stella said. The remaining funding came from cash. A spokeswoman for Essex declined comment.
Separately, the plan terminated Progress Investment for performance; it managed $60 million in active domestic midcap growth equities, Mr. Stella said. The money will be parked in an S&P 400 index fund run by Deutsche Asset, pending the conclusion of an asset allocation study in August. Susan Ebanks, Progress marketing and client services manager, did not return calls seeking comment by press time.