Iowa Public Employees' Retirement System, Des Moines, hired Columbia Management Investment Advisers to manage about $600 million in active U.S. large-cap growth equity, Karl Koch, IPERS chief investment officer, said in a statement.
The hiring by the $25.1 billion pension fund is subject to final due diligence, and contract and fee negotiations.
Funding will come from RCM Capital Management, which Iowa PERS terminated. It managed about $650 million in the portfolio.
The hiring is a result of a search IPERS issued in April.
Wilshire Associates, the pension fund's investment consultant, assisted in the search.