U.S. Virgin Islands Government Employees' Retirement System, St. Thomas, named Oberweis Asset Management, Nicholas-Applegate Capital Management, DePrince Race & Zollo and Dalton Greiner Hartman Maher as finalists in the pension fund's search for a manager to run about $40 million in active domestic microcap equities, said Willis C. Todmann, CFO and acting administrator. The selected firm would be the $1.3 billion plan's first microcap manager. Partial funding will come from terminating Lord Abbett for performance of a $30 million active domestic small-cap growth portfolio for the $1.3 billion plan, Mr. Todmann said. The balance of funding will come from a general rebalancing with no additional manager terminations.
Finalists will likely be interviewed at the board's October meeting, tentatively scheduled for Oct. 20. A selection will likely be made shortly after the meeting, he said.
Plan officials issued an RFP earlier this year. Consultant Segal Advisors recommended the asset class, and trustees approved the search as a way to add diversification.
Jason Farago, Lord Abbett spokesman, declined to comment on the termination.
