Sioux Falls (S.D.) Retirement Systems hired Champlain Investment Partners to run a total of about $32 million in active domestic midcap core equities, recently released board meeting minutes said.
The retirement systems' boards approved the hiring at an Aug. 8 meeting. The other finalist was Quantitative Management Associates.
At its Feb. 14 meeting, the retirement systems changed their domestic small-cap equity target to include midcap equities and increased the target to 16% from 15%. Other changes at the time were increasing the targets to international equities and real estate to 22% and 7%, respectively, from 20% and 5%, and reducing their domestic large-cap equities target to 30% from 35%. The fixed-income target remained unchanged at 25%.
The retirement systems are the $470 million Sioux Falls Employees' Retirement System and $164 million Sioux Falls Firefighters' Pension Fund, which had actual allocations to mid- and small-cap equities of 15.7% and 15.6%, respectively, as of June 30. The two pension funds have identical target allocations.
Investment consultant AndCo Consulting assisted.
Angie Uthe, compensation and benefits manager in the city's human resources department, could not be immediately reached to provide further information.