St. Louis County Retirement Plan, Clayton, Mo., hired active domestic smidcap core equity managers IronBridge Capital Management to run $36 million and PENN Capital Management to handle $24 million. Funding for both firms comes from terminating Batterymarch Financial Management, which ran $60 million in small-cap core equities, according to the $480 million plans 2006 annual report. Batterymarch was put on watch for performance in November 2006. Summit Strategies assisted in the invitation-only search. Kirk McCarley, St. Louis County plan administrator, did not return a call requesting further information.
Separately, the board terminated Capital Guardian Trust from a $27 million active international large-cap growth equity portfolio, according to minutes from the Sept. 27 meeting, which were posted this week. The board split the money between Sanderson Asset Management, an international value manager, and Gryphon International Investment, an international growth manager, increasing each portfolio to $50 million.
CapGuardian and Batterymarch were the two managers who underperformed their benchmarks for the month of August, according to the minutes.
Batterymarch spokesman Dan Kelly did not return a call. CapGuardian spokesman Chuck Freadhoff said the firm does not comment on clients.