Milwaukee City Employes' Retirement System selected Ark Asset Management, EARNEST Partners, Franklin Portfolio Associates and Lazard Asset Management as finalists in its search for an active domestic midcap core equity manager to run $165 million with a value tilt, said Jennifer A. Shannon, CIO. The investment committee for the $4.3 billion system plans to interview the finalists March 2, and a recommendation could be made then or deferred until the end of the month.
Funding will come from replacing Brown Capital, which ran the portfolio with a growth-at-a-reasonable price style, she said. "It's a strategic decision," she said of the reason for the search. The system is restructuring its midcap allocation to core with a value tilt, she added.
Mercer Investment Consulting is assisting with the changes.