Charlottesville (Va.) Retirement Fund hired Independence Investments to manage $3 million in active domestic small-cap growth equities, said Gregory A. McNeillie, senior vice president at plan consultant Dahab Associates. Officials at the $70 million plan initiated the search in the fourth quarter to replace small-cap growth manager Constitution Research & Management. Mr. McNeillie said Constitution underperformed its Russell 2000 Growth index benchmark over the last couple years.
Jennifer Brown, city treasurer, referred questions to Mr. McNeillie. Richard M. Drury, partner at Constitution Research & Management, did not return a call by press time seeking comment.