MILWAUKEE — Milwaukee City Employes' Retirement System hired Earnest Partners to run $165 million in active domestic midcap core equities with a possible value tilt, according to Jennifer A. Shannon, chief investment officer of the $4.3 billion fund. Funding came from terminating Brown Capital Management, which managed the money in an active domestic midcap growth-at-a-reasonable-price portfolio. The fund made the change because it restructured the style allocation. Mercer Investment Consulting assisted.
Separately, the system selected Independent Fiduciary Services as consultant to conduct a fiduciary audit and operational review, pending contract negotiations, according to Ms. Shannon. The audit will include examination of investment policy, manager search process and money manager fees, and a cost/benefit analysis of improvements.