Montana Public Employee Retirement Administration, Helena, may replace three equity mutual funds as investment options the active domestic Small Cap Value Equity Fund run by Hotchkis and Wiley and the SSgA International Growth Opportunities Fund offered by the $330 million 401(a) plan, and the Hotchkis and Wiley Mid-Cap Value Fund offered by the $288 million 457 plan. The systems investment advisory council recommended the changes because of performance, and the board is expected to vote on the terminations at its Jan. 10 meeting, said Roxanne Minnehan, executive director. If the changes are approved, consultant Wilshire will conduct an invitation-only search.
Hotchkis and Wiley declined to comment through spokesman Tucker Hewes. SSgA spokeswoman Marie McGehee wrote in an e-mail: Montana is a valued client of State Street Global Advisors. However, we do not provide commentary related to the performance of our investment strategies.
The council also recommended the board put the Munder Capital Small-Cap Value Fund on watch for the 457 plan. Munder spokesman Eric Starkman could not be reached for comment.