Marin County Employees' Retirement Association, San Rafael, Calif., hired TimesSquare Capital Management to run approximately $112 million in an active international small-cap strategy, said Jeff Wickman, retirement administrator for the $2.5 billion pension plan, in an email.
Callan, the association's investment consultant, conducted the search.
TimesSquare will replace Fidelity Institutional Asset Management. Mr. Wickman did not disclose why MCERA made the switch or if FIAM submitted a bid, he said the board's investment committee had asked Callan to conduct the search "to identify potential options to MCERA's current international small-cap investment with FIAM."
FIAM spokeswoman Nicole Abbott declined to comment.