Frederick County (Md.) Employees Retirement Plan hired Columbia Threadneedle Investments to manage about $70 million in active domestic large-cap value equities.
The $721 million pension fund's board approved the hiring at its Aug. 11 meeting, recently released meeting minutes show.
The hiring was a result of the pension fund's search for a replacement for LSV Asset Management, which ran a similar portfolio, due to underperformance.
Marisa Rosenblatt, LSV Asset spokeswoman, could not be immediately reached for comment.
J.P. Morgan Asset Management was the other finalist.
As of March 31, the actual allocation to domestic equities was 56.6%.
Investment consultant Bolton Partners assisted.
Lori Depies, director of finance, was not available to provide further information.