Hawaii Deferred Compensation Fund, Honolulu, hired William Blair & Co. to manage a smidcap growth equity investment option for the $1.9 billion 457 plan’s lineup, said an announcement on the state’s purchasing website.
The hire is pending contract negotiations. William Blair will replace Century Capital Management, which was terminated for performance. Century Capital’s fund had about $46 million in plan assets as of Dec. 31.
Lanny Thorndike, managing partner and portfolio manager at Century Capital, could not be reached for a comment by press time.
An RFP was issued in February.
As of Dec. 31, the plan had 16 stand-alone investment options in addition to a series of target-date funds and a brokerage window.
The smidcap growth equity option is also part of the underlying investments in the plan’s target-date funds.
Investment consultant Mercer assisted with the search.
Cynthia Akiyoshi, personnel management specialist for benefits administration in Hawaii's Department of Human Resources Development, declined to comment.