Luzerne County Retirement Board, Wilkes-Barre, Pa., hired Reed Conner & Birdwell to manage $3.5 million in active domestic small-cap value equities and NWQ Investment Management to run $3 million in active domestic small-cap and midcap value equities, according to Steve Flood, county comptroller and a member of the retirement board. Funding came from the performance-based terminations of active domestic small-cap managers Emerald Advisors and Westcap Advisors; Emerald managed $4 million in growth and Westcap managed $1.5 million in value. The remaining $1 million came from cash, said Gary Kriske, the Merrill Lynch consultant who works with the $180 million pension fund.
A spokesman from Emerald Advisors did not return calls by press time. Brad Slocum, managing director of Westcap, had no comment.