(updated with correction)
Michigan Municipal Employees' Retirement System, Lansing, hired Downriver Capital Management to manage $25 million in active U.S. small- to microcap value equities, confirmed Don Shell, a spokesman for the $7.7 billion pension fund, in a telephone interview.
Downriver Capital pays “particular attention to insider buying vs. selling. They buy unleveraged assets at a discount when it is confirmed that the assets are mispriced in the public market,” said Jeb Burns, chief investment officer, in a MERS news release.
Funding for the new equity investment came from rebalancing, Mr. Shell said.
Downriver Capital managed a total of $30 million, according to the firm's latest SEC ADV filing.
