Montgomery (Ala.) County Retirement Fund selected six active equity managers to run a total of $55 million, confirmed John Mitchell, deputy county administrator. The $80 million fund hired Denver Investment Group to run $6.2 million in domestic small-cap core and midcap value; Bennett Lawrence Management, $3 million to $4 million, domestic midcap growth; and Tradewinds Global Investors, $7 million, international equities. Also hired to run a total of $37.8 million in large-cap domestic equities were value manager Snow Capital Management and growth managers Aletheia Research and Management and Calamos; exact allocations to each firm have not been determined.
The $55 million had been run in similar-style portfolios by AmSouth Bank. Mr. Mitchell said he was a little concerned by AmSouths poor performance but was more concerned that the bank was merging with Regions Financial, whose performance was worse. The fund did an analysis prior to the merger and decided to move the equities management to other managers, Mr. Mitchell said. Nancy Yarbrough, a spokeswoman with Regions Financial, declined to comment.
AmSouth will continue to manage about $25 million in active domestic fixed income for the fund, Mr. Mitchell said. Merrill Lynch assisted in an invitation-only search and the fund interviewed 14 managers before selecting six.