Roseville (Mich.) City Employees Retirement System hired Seizert Hershey to manage $13 million in active domestic large-cap value equities, said Gerald Alsip, chairman. Funding came from terminating Aeltus Investment, which ran the money in a similar style, for performance, Mr. Alsip said. Arleen Driscoll, Aeltus spokeswoman, did not return calls seeking comment by press time.
Separately, the $116 million pension plan is conducting an asset allocation study that should be finished in May, Mr. Alsip said. Manager changes are unlikely even if plan officials change the asset allocation model, he said. Merrill Lynch is assisting.