Indiana Public Employees' Retirement Fund, Indianapolis, hired six active domestic equity managers to run a total of $1 billion, said Patricia J. Gerrick, chief investment officer for the $10 billion system. They are: Strong Capital Management, which will run $135 million in midcap growth; Brown Capital Management, $155 million in small-cap to midcap growth; TimesSquare Capital Management and Progress Investment Management, $170 million each, small-cap growth; and Osprey Partners Investment Management and Numeric Investors, $220 million and $150 million, respectively, small-cap value.
Partial funding will come from terminating J.P. Morgan Fleming Asset Management, which ran $250 million in active domestic small-cap core equities, and Utendahl Capital Management, which ran $150 million in active domestic core fixed income. J.P. Morgan was dropped because the fund wanted more specialized portfolios; Utendahl was dropped because the fund is overweight in fixed income. Also, it will reduce a domestic small-cap value-tilted index fund managed by Dimensional Fund Advisors by $600 million, leaving it with $200 million.