Fresno County (Calif.) Employees' Retirement Association hired T. Rowe Price Group to manage about $275 million in a domestic large-cap growth equity strategy, Donald Kendig, retirement administrator, said in an email.
Funding will come from Ivy Investments, which was previously terminated for organizational and performance reasons.
Verus Advisory, investment consultant to the $4.7 billion pension fund, conducted the search.
Ivy Investments spokesman Roger Hoadley could not be reached for comment.
The pension fund had an allocation of 18.1% to domestic equities as of Dec. 31, according to its latest investment performance review.
