Seattle City Employees' Retirement System hired Dimensional Fund Advisors to manage about $58 million in active domestic small-cap core equities, said Jason Malinowski, chief investment officer, in an e-mail.
The $2.3 billion pension fund conducted an “informal search” after the August termination of Fisher Investments, Mr. Malinowski said. Fisher ran a $100 million active domestic small-cap value equity portfolio and was terminated due to style drift and potential personnel changes. The assets had since been parked in an existing passive overlay program.
The remaining proceeds from the termination were allocated to passive domestic large-cap equity manager RhumbLine Advisers, which managed $430 million in assets for the pension fund as of March 31.
Dimensional Fund Advisors already manages a $64 million active international small-cap equity portfolio for the pension fund.
There were no finalists.