Fresno County (Calif.) Employees' Retirement Association hired Snyder Capital Management to manage 1.5% of the plan's investment portfolio, or $67.5 million to $75 million, in a small-cap value strategy, confirmed Donald Kendig, retirement plan administrator, in an email.
Snyder is replacing Systematic Financial Management, which was terminated in January for performance and portfolio manager concerns. The portfolio manager running the strategy, Ronald Mushock, is on medical leave.
James V. Wallerius, senior vice president of marketing and client service at Systematic, could not be immediately reached for comment.
Verus Advisory, investment consultant to the $4.5 billion pension fund, conducted an invitation-only search. Wellington Management Co. and Dimensional Fund Advisors were the other finalists.