Los Angeles County Deferred Compensation and Thrift Plans hired Elk Creek Partners and Rice Hall James & Associates to manage $80 million each in small-cap growth equity separate accounts, said William Yuen, finance analyst for the plan, in an e-mail.
Elk Creek Partners and Rice Hall James are replacing NorthPointe Capital, which ran a $160 million small-cap equity growth portfolio for the $8 billion plan. Plan officials terminated NorthPointe because the 457 fund was at risk of becoming the largest investor in the strategy, Mr. Yuen said.
Peter J. Cahill and Mary Champagne, founding partners of NorthPointe Capital, could not be reached for comment by deadline.
Investment consultant NEPC assisted.
The plan has 11 investment options in addition to a series of target-date funds. The plan's third-party administrator is Empower Retirement.