Connecticut Retirement Plans and Trust Funds, Hartford, picked Allianz Global Investors, Boston Company Asset Management and Frontier Management as semifinalists in its search for a firm to run $200 million in small-cap/midcap growth equities.
The three will make presentations on Aug. 11 to the $22.4 billion pension fund's investment advisory council, according to the meeting agenda.
Connecticut has a $1 billion small-cap/midcap equity allocation in what it calls its mutual equity fund; that fund totals $5 billion.
The investment advisory council had endorsed the search in June 2009, according to a July 30 memo to Treasurer Denise L. Nappier, the principal fiduciary of the funds, from M. Timothy Corbett, chief investment officer.
“At the time, it was envisioned that additional small-midcap managers would be added to the two existing managers,” the memo said. “However, in the interim period, we have terminated one manager (TCW, in March) and transitioned one-half of the other manager's assets into a Russell 2000 small cap exchange-traded fund.”
The other manager is AXA Rosenberg, which had run about $840 million in small-cap/midcap equities for Connecticut.