Oakland County Employees' Retirement System, Pontiac, Mich., hired Great Lakes Advisors and Reinhart Partners to manage about $15 million each in active domestic smidcap equities, said Silvia Frank, retirement administrator.
The $706 million pension fund hired the managers to replace active domestic midcap equity managers Munder Capital Management and Seizert Capital Partners, which were running the same approximate amounts.
Ms. Frank said there were performance issues with the two midcap managers. The pension fund did not previously have any smidcap managers.
As of Dec. 31, the actual allocation to domestic equities was 32.7%; the target is 37.5%.
Investment consultant AndCo Consulting assisted.
A spokeswoman at Seizert Capital Partners declined to comment, and Tricia Ross, spokeswoman for Munder Capital, could not be immediately reached to provide comment.