Mendocino County Employees' Retirement Association, Ukiah, Calif., identified finalists in its search for emerging markets equity and international small-cap equity managers, said James R. Wilbanks, retirement administrator.
The $448 million pension fund named Dimensional Fund Advisors, Investec Asset Management and Westwood Global Investments as finalists in its search for its first dedicated emerging markets equity manager, and Brandes Investment Partners, QS Investors and T. Rowe Price Group as international small-cap equity finalists, potentially replacing Columbia Threadneedle Investments.
The emerging markets finalists will be interviewed May 10 and the international small-cap managers on June 21, with hiring decisions expected the same day as the interviews.
Mr. Wilbanks previously told Pensions & Investments that the allocation sizes for the emerging markets and international small-cap equity searches were $12.6 million and $18.8 million, respectively, and that additional funding would from a reduction to existing international large-cap equity managers Mondrian Investment Partners, Oakmark Funds manage by Harris Associates, Capital Group and Harbor Capital Advisors. Mondrian manages about $30 million and the other managers, $27 million each.
On the reason for Columbia's potential replacement, Mr. Wilbanks previously told P&I that the Columbia fund had grown “pretty substantially” and “dramatically moved up the cap index.” Columbia was initially selected as an international small-cap equity manager. A Columbia spokesman previously declined to comment.
Investment consultant Callan Associates is assisting with the search. No RFPs were issued.
