Merced County (Calif.) Employees' Retirement Association hired Acadian Asset Management and Driehaus Capital Management to run about $10 million each in international small-cap equities, said Kristen Santos, retirement plan administrator, in an email.
The $836 million pension fund hired the managers after the board approved terminating Copper Rock Capital Partners from its $20 million active international small-cap equity portfolio due to underperformance and style drift, Ms. Santos said.
Lidney Motch, partner, director of client service and marketing at Copper Rock Capital Partners, could not be immediately reached to provide comment.
As of March 31, the actual allocation to international equities was 22.8%.
Investment consultant Meketa Investment Group assisted.