Merced County (Calif.) Employees' Retirement Association hired PanAgora Asset Management to run $20 million in domestic small-cap equity, confirmed Maria Arevalo, plan administrator, in an e-mail.
Dimensional Fund Advisors was also a finalist.
Funding comes from reducing WHV Investment Management's domestic small-cap equity portfolio. WHV will now manage about $20 million as well.
Investment consultant Strategic Investment Solutions conducted the shortlist search for the $569 million pension plan.