Contra Costa County Employees' Retirement Association, Concord, Calif., hired Pyrford International to run $330 million in active international value equity, confirmed Marilyn Leedom, CEO of the $6 billion pension fund.
MFS Investment Management and Schroder Investment Management were also finalists. The search was initiated in May.
Funding comes from the termination of a GMO portfolio in a similar strategy and size. The assets were parked in a State Street Global Advisors index fund.
Investment consultant Milliman assisted.