Santa Barbara County (Calif.) Employees' Retirement System hired Acadian Asset Management to run about $50 million in active international small-cap equities.
The $3.3 billion pension fund's board approved the recommendation by investment consultant RVK at its meeting Wednesday, a live webcast of the meeting showed.
The pension fund issued an RFP in July after RVK advised the board it should further evaluate its international small-cap equity exposure following an equity structure review, according to a memo from RVK to the board. Also, incumbent manager Copper Rock Capital Partners' strategy had been underperforming and was placed on watch in May.
Copper Rock Capital was a finalist along with Barings and Global Alpha Capital Management.
As of Aug. 31, the actual allocation to international developed markets equities was 10.8%.
RVK assisted with the search.
Lidney Motch, partner, director of client service and marketing, at Copper Rock Capital Partners, could not be immediately reached for comment.