Kern County Employees' Retirement Association, Bakersfield, Calif., hired American Century Investments to run about $78 million in active international small-cap equities.
The $4.3 billion pension fund's board approved the hiring at its board meeting Wednesday, said Daryn Miller, chief investment officer, in an email.
Funding comes from the termination of a similar portfolio managed by Fidelity Institutional Asset Management, Mr. Miller said. He did not provide a reason for the termination.
As of June 30, the actual allocation to equities was 39.7%; the target is 37%.
Investment consultant Verus Advisory assisted.
Mr. Miller could not be immediately reached for further information.