Memphis Light, Gas & Water Division, Memphis, Tenn., hired Kennedy Capital Management to run $27 million in active domestic small-cap growth equities, said Anne Walk, manager, treasury management, in an email.
The $1.4 billion pension fund conducted a shortlist search because it wanted to change the small-cap growth portfolio to an actively managed portfolio. Previously, the pension fund had $37 million in a Vanguard Group exchange-traded fund. The pension fund also terminated StoneRidge Investment Partners from a $10 million active domestic small-cap growth equity portfolio, citing underperformance. The pension fund originally hired the manager in August 2015.
Kyle Myers, StoneRidge's director, business development and senior equity product specialist, could not be immediately reached to provide comment.
The remaining $20 million from the Vanguard ETF and StoneRidge portfolio were allocated to a Vanguard Group small-cap growth equity index fund, Ms. Walk said.
Investment consultant Gavion assisted.
