Orange County Employees Retirement System, Santa Ana, Calif., hired Eagle Asset Management to manage $60 million in active domestic small-cap growth equities, pending contract negotiations, Robert Kinsler, spokesman for the $7.8 billion system, wrote in an e-mail response to inquiries.
Lord, Abbett was designated as standby manager in case contract negotiations with Eagle Asset Management fail.
Partial funding came from terminating Washington Capital Management, which ran $47.6 million in a similar-style portfolio, due to “turnover in key personnel coupled with significant underperformance,” according to a memo to the board from Amit Thanki, investment analyst at the system.
Further information on the source of the funding could not be learned by press time.
Washington Capital executives could not be reached by press time.