Ann Arbor (Mich.) Employees' Retirement System hired WCM Investment Management and Hexavest to manage $15 million each in active international equities.
The $491 million fund's new managers are splitting $30 million previously run by Fisher Investments in an active international equity approach. The firm was terminated for performance and fee concerns, said Wendy Orcutt, Ann Arbor executive director.
Naj Srinavas, a spokesman for Fisher Investments, could not immediately be reached for comment.
The specific international equity strategy run by each manager was not immediately available.