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January 23, 2019 12:00 AM

Alameda County Employees picks William Blair for small-cap growth equity

Rob Kozlowski
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    Alameda County Employees' Retirement Association, Oakland, Calif., hired William Blair & Co. to manage about $120 million in active domestic small-cap growth equities, said Agnes Ducanes, administrative sWilliam Blairssociation, Oakland, Calif., hired William Blair & Co. to manage about $120 million in active domestic small-cap growth equities, said Agnes Ducanes, administrative specialist, in an email.

    The $8.1 billion pension fund conducted a shortlist search in the fall due to the underperformance of current manager Next Century Growth Investors, which runs a similar portfolio. Next Century was included in the search.

    Thomas Press, Next Century Growth's chairman, CEO, partner and portfolio manager, said the company underperformed from 2014 to 2016 when high-growth strategies in general struggled. Since then, the manager's strategy has "vastly" outperformed the market, Mr. Press said. He said he wishes ACERA the best, and they were a "great client."

    The other finalists were Granahan Investment Management, Pier Capital andPier Capitaltment Management, Pier Capital and Virtus Investment Partners.

    As of March 31, the actual allocation to domestic equity was 32.6%.

    Investment consultant Verus Advisory assisted.

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