Kern County Employees' Retirement Association, Bakersfield, Calif., hired TimesSquare Capital Management to run $76 million in active international small-cap equities, Chief Investment Officer Daryn Miller said in an email.
The $4.2 billion pension fund conducted a shortlist search because incumbent manager Fidelity Institutional Asset Management had been on watch since the fourth quarter of 2018 for organizational issues.
There was one other finalist, the name of which was not disclosed. KCERA's other international equity managers are BlackRock, which runs a $238 million active portfolio, and Mellon Investments, which runs a $136 million passive portfolio.
Investment consultant Verus Advisory assisted.
