Employees Retirement System of Texas, Austin, hired Cortina Asset Management and UBS Global Asset Management to run a combined $200 million to $300 million in active domestic small-cap growth equities, according to Mary Jane Wardlow, spokeswoman for the $21 billion system. Exact allocations have not been determined. Partial funding will come from a $120 million similar-style portfolio run by BNY Asset Management. "They were not meeting expectations," Ms. Wardlow said in an e-mail. The remaining funds will come from an internally managed small-cap growth portfolio. Kevin Heine, a Bank of New York spokesman, declined comment.
Separately, JPMorgan Chase was rehired as the system's global custodian. An RFP had been issued last September.