Arlington County (Va.) Employees' Retirement System is conducting a shortlist search for an active domestic small-cap growth equity manager to run about $50 million, said Gregory A. Samay, chief of staff.
Money for the new hire will come from Vanguard, which is being terminated as manager of a $40 million VIPER ETF index portfolio for the $1.3 billion fund; Mr. Samay said the system wanted to move to an active strategy. Any additional funding would come from a general redistribution. Vanguard still manages a $40 million money market fund for the system, he said.
Consultant Ashford Capital Management is assisting.