Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., is searching for an active emerging markets equity manager to run about $33 million and an active domestic small-cap growth equity firm to manage $38 million, said Judy D. Fandale, retirement administrator.
The emerging markets manager would be the first such specialist for the board's defined benefit and deferred compensation plans, which total $1.63 billion. Ms. Fandale said funding will come from rebalancing within the international equity portfolio.
The small-cap equity search resulted from the termination of NorthPointe Capital from a similar-style portfolio on Feb. 23. Ms. Fandale said NorthPointe had been on watch for about a year and was terminated for performance.
Peter Cahill, NorthPointe Capital's chief investment officer, did not return a call seeking comment.
The board's consultant, Asset Consulting Group, is handling the manager searches. An RFP will not be issued; interested parties should contact the consultant directly, Ms. Fandale said.
A progress report about the two manager searches will be presented to the investment subcommittee of the board at its April 19 meeting and finalists will be presented at the May 24 meeting, when managers likely will be selected, said Ms. Fandale.
