Denver Employees Retirement Plan hired Brown Advisory to run about $150 million in active domestic large-cap growth equity, said Steven Hutt, executive director.
The $2.1 billion pension plan terminated its two existing large-cap growth managers at its Jan. 17 board meeting. Cadence Capital Management and Sit Investment Associates each managed about $75 million, and performance was OK, Mr. Hutt said.
The pension plan, along with investment consultant Summit Strategies, conducted in-depth due diligence on its existing managers and potential replacements over the past few months, Mr. Hutt said. He added it has been the plan's pattern the last couple years to consolidate managers in liquid asset classes.