Spokane (Wash.) Employees' Retirement System, hired Vanguard Group to run $9 million in active domestic midcap growth equities, said Jayson Davidson, partner and managing director of consulting services at Hyas Group, the $284 million pension fund's investment consultant.
The pension fund conducted an invitation-only search following the termination of Rainier Investment Management from a similar portfolio for performance and personnel changes.
Jim Ridgeway, Rainier president, said the firm is disappointed with this decision and noted the strategy's performance has been strong year to date. He said the firm hopes to have the opportunity to work with the pension fund again.
Separately, the pension fund committed $7 million to Morrison Street Fund V, a real estate fund managed by Morrison Street Capital.
The pension fund previously committed $6 million to Morrison Street Fund IV in 2012.