St. Louis County Retirement Plan's board recommended hiring Clarkston Capital Partners to run an active domestic smidcap equity portfolio, said Susan Daniels, retirement plan administrator.
The $613 million Clayton, Mo.-based pension fund conducted a shortlist search for a manager to potentially replace The London Co. due to underperformance, the minutes said. The other finalist was Sapience Investments. Following the board approving the recommendation to hire Clarkston, the board voted to terminate The London Co.
Ms. Daniels would not provide the size of the portfolio, but The London Co. was originally hired in 2014 to run a $17 million portfolio.
The finalization of a contract is contingent upon county council approval. Ms. Daniels would not provide further information. Timothy C. McCoy Jr., principal, head of business development at The London Co., could not be immediately reached to provide comment.