Ohio Police and Fire Pension Fund, Columbus, will search for an active international small-cap equity manager sometime in the next few months, confirmed David Graham, spokesman for the $10.3 billion fund. The amount of the mandate has not been determined.
The search, which currently has no timeline, is the result of a shift in the fund's non-U.S. equities allocation to include small-cap equities.
Acadian Asset Management will be terminated from its $576 million portfolio to fund the small-cap search. The termination is not due to performance, according to Mr. Graham. The firm was not on the fund's watchlist. The fund's other three non-U.S. equities managers were kept because the board believed they added better diversity and a better mix.
The fund has a target allocation to non-U.S. equities of 21.7% and is currently at 23%.