MONTGOMERY, Ala. — Alabama Prepaid Affordable College Tuition Trust Fund hired State Street Research and EARNEST Partners to manage about $30 million each in active domestic small-cap equities for the $570 million 529 plan, said Anthony Leigh, deputy state treasurer.
State Street will handle a growth portfolio and EARNEST, value, Mr. Leigh said. Funding will come from a $60 million Citigroup Asset Management active domestic small-cap core portfolio; fund officials wanted to have two small-cap managers using different styles, Mr. Leigh said. Citigroup was allowed to rebid, he said. Callan Associates assisted.