The $33.2 billion Minnesota State Board of Investments hired six active domestic small-cap equity managers, said Howard J. Bicker, executive director.
They are value managers Goldman Sachs and Hotchkis & Wiley, $100 million each, and emerging manager Kenwood Capital Management, $30 million; and growth managers McKinley Capital and Turner Investments, $100 million each, and U.S. Bancorp, $30 million.
Partial funding came from terminating active domestic equity managers Lincoln Equity Management, which ran $500 million in growth; Artemis Asset Management, $30 million in small-cap blend; and GeoCapital, $200 million in small-cap growth.
Mr. Bicker said Lincoln Equity was dropped because of organizational concerns and personnel turnover; Artemis was terminated because the plan wanted to use growth and value specialists; and GeoCapital was let go for performance. Irwin Lieber, CIO of GeoCapital, did not return a call seeking comment.
The move was sparked by the plan's domestic small-cap benchmark change to the Russell 3000 from the Wilshire 5000.