LANSING, Mich. — The Michigan Municipal Employees' Retirement System hired Acadian Asset Management to run $100 million in active international small-cap equities.
Wellington, GlobeFlex and Dimensional Fund Advisors were the other finalists.
The hire completes the $4 billion system's restructuring of its $400 million international equity portfolio, said Jeb Burns, chief investment officer.
Barclays Global Investors manages $100 million in an enhanced international equity index fund based on the ACWI and $60 million in an EAFE index fund; Delaware International Advisors runs $140 million in active large-cap international equities.
LANSING, Mich. — Michigan Retirement System added the Smith Barney Large Cap Growth and MFS Total Return Fund as investment options in its $1.7 billion 457 plan and $1.4 billion 401(k) plan, said Terry Stanton, spokesman. The funds replace the Putnam Voyager and INVESCO Balanced funds, which were dropped Sept. 30 for performance reasons, Mr. Stanton said. The two funds had been on watch for some time, and the change was not made because of ongoing investigations into mutual fund market timing, he said.
The $223 million in the Putnam Voyager Fund was transferred to the Smith Barney fund, while the $67 million in the INVESCO fund was moved to the MFS fund.
Laura McNamara, Putnam spokeswoman, and Bill Hensel, spokesman for INVESCO parent AMVESCAP, did not return calls by press time seeking comment.