California-Savings Plus Program, Sacramento, hired Dimensional Fund Advisors and Opus Capital Management to manage active small-cap value equity investments for the 401(k) and 457(b) plans, confirmed Patricia McConahay, communications director for the California Department of Human Resources.
The 401(k) and 457(b) plans have a combined $8 billion in assets.
The managers will replace small-cap value equity options managed by Peregrine Capital Management, and Thompson Siegel and Walmsley, Ms. McConahay said in an e-mail. An RFP was issued in October. Ms. McConahay did not have information on why the change was made by press time.
As of Sept. 23, the Savings Plus small-cap equity fund had $249 million in assets, of which 45% is allocated to small-cap value.
Savings Plus has 19 investment options.
Assets will be mapped to the two new managers starting April 1.