The Montana Board of Investments, Helena, hired five managers to run active domestic equity portfolios, pending contract negotiations, confirmed Carroll South, executive director. They are: Artisan Partners, midcap value; TimesSquare Capital Management, midcap growth; Martingale Asset Management, midcap core; NorthPointe Capital, small-cap growth; and Vaughan Nelson Investment Management, small-cap value. Officials of the $7.2 billion fund have not decided the portfolio sizes or a total amount to the strategy.
The new allocations would increase diversification by adding active management to the fund's existing domestic small-cap to midcap investments: a $200 million S&P 400 index account run by Barclays Global Investors and a $226 million Russell 2000 index account managed by Dimensional Fund Advisors. A source of funding has not been determined, but BGI's account may be closed, Mr. South said.
R.V. Kuhns assisted with the RFP, which was issued in September.