City of Baton Rouge (La.) and Parish of East Baton Rouge Employees' Retirement System could select a manager in May to run roughly $26 million in active domestic small-cap growth equities, its first investment in the asset class. Fund officials made due diligence visits to two finalists, said Jeff Yates, retirement administrator for the $893 million pension fund. He declined to name the two firms. Funding will come from trimming existing small-to-midcap and midcap portfolios, but no manager will be terminated.
The investment committee will meet with consultant Summit Strategies on May 3 to decide whether to recommend either finalist. If one is recommended, the pension fund's board will meet May 26 to consider hiring it, said Mr. Yates. Summit will recommend other managers from its database if it does not pick one of the finalists.