Mendocino County Employees' Retirement Association, Ukiah, Calif., is searching for an international small-cap equity manager to run $18.8 million and its first dedicated emerging markets equity manager to run $12.6 million, said James Wilbanks, retirement administrator.
The international small-cap equity search is being conducted to potentially replace Columbia Threadneedle Investments, which currently manages $14.3 million in its Columbia Acorn International Fund, a smidcap fund.
The Columbia fund has grown “pretty substantially” and has “dramatically moved up the cap index,” Mr. Wilbanks said about the reason for Columbia's potential replacement. Columbia was initially selected as an international small-cap equity manager. A Columbia spokesman declined to comment.
Additional funding for the international small-cap and the emerging markets equity managers will come from a reduction to existing international large-cap equity managers Mondrian Investment Partners, Oakmark Funds, Capital Group and Harbor Funds. Mondrian currently manages about $30 million and the other managers, $27 million each.
Investment consultant Callan Associates is assisting with the searches. No RFPs will be issued. Interested firms can contact Callan.
The $448 million pension fund has a 29% target to international equity.
