Jacksonville (Fla.) City Retirement System hired Kayne Anderson Rudnick Investment Management and Systematic Financial Management to run about $88 million each in active domestic smidcap equities, recently released Feb. 24 board meeting minutes show.
The $2.6 billion pension fund conducted a shortlist search for smidcap managers after it terminated William Blair Investment Management from its $97 million active domestic small-cap value equity portfolio, citing "poor stock selection" in the minutes of a February 2021 board meeting. William Blair spokesman Tony Zimmer declined to comment at the time.
Assets have since been parked in an index fund managed by Mellon Investments. Partial funding also comes the reduction of an existing active domestic smidcap equity portfolio managed by Pinnacle Associates to $88 million.
Investment consultant RVK assisted.
Tom Stadelmaier, pension administrator, could not be immediately reached for further information.
