West Virginia Investment Management Board, Charleston, with $5.1 billion in pension and workers compensation assets, hired Westfield Capital to run $150 million in active domestic small-cap and midcap equities, said T.J. Carlson, CIO. Funding will come from terminating Loomis Sayles, which ran $110 million in a similar style, he said. The remaining $40 million will come from cash. "We decided it was time for change on that manager, Mr. Carlson said; he would not comment further. Summit Strategies Group assisted.
Separately, the board retained State Street Global Advisors as an enhanced S&P 500 manager, shifting it from a passive S&P 500 fund and reducing its allocation to $700 million, from $850 million, Mr. Carlson said. The remaining $150 million was split evenly between existing active domestic large-cap equity managers Chartwell and Alliance Capital; Chartwell will run a value portfolio and Alliance, growth, he said.