Oakland (Calif.) Police & Fire Retirement System named four finalists in its search for an active domestic small-cap value equity manager to run $10 million.
The $391 million pension fund named Brown Advisory, Phocas Financial, Systematic Financial Management and Vaughan Nelson Investment Management as finalists to make presentations at its board meeting Feb. 26, said Teir Jenkins, the pension fund's investment officer.
The pension fund issued an RFP in September as a result of the termination of active domestic small-cap value equity manager NWQ Investment Management from its then $9 million portfolio at its July 31 board meeting.
The board approved the recommendation of Meketa Investment Group, the pension fund's investment consultant, due to the departure of Phyllis Thomas, the strategy's co-portfolio manager, from NWQ.
Assets are temporarily parked in a Russell 2000 Value exchange-traded fund.
As of Sept. 30, the actual allocation to domestic equities was 40.3%; the target is 40%.
Meketa Investment Group is assisting with the search.
