Georgia Peace Officers' Annuity and Benefit Fund, Griffin, hired Driehaus Capital Management, Pinnacle Associates and Silvercrest Asset Management Group to run a total of about $138 million in active domestic smidcap equities, said Robert W. Carter, secretary-treasurer.
The $850 million pension fund conducted a shortlist search for smidcap equity managers after deciding to move away from small-cap equities in order to provide more diversification and avoid style drift, Mr. Carter said.
Driehaus, Pinnacle and Silvercrest will manage growth, core and value portfolios, respectively, of about $46 million each, he said.
Other finalists were value manager Chartwell Investment Partners, core manager GW&K Investment Management and growth manager Riverbridge Partners.
Funding comes from the termination of active domestic small-cap equity manager Sawgrass Asset Management. Mr. Carter could not provide further information on the manager's portfolio size.
Investment consultant Callan assisted.
