Mississippi Public Employees' Retirement System, Jackson, selected Victory Capital Management as its new midcap value equity manager.
The appointment was approved at a board meeting on June 28, a spokeswoman for Mississippi PERS confirmed in an email.
Victory Capital will run about $450 million in its Sycamore Mid Cap Value Equity portfolio. It was selected for "its strong performance over short- and long-term trailing periods," the spokeswoman said.
The search was conducted by Callan. The two other finalists were Boston Partners and J.P. Morgan Asset Management.
Victory Capital replaces Wellington Management Co., which had "more of a small- and midcap value portfolio," the spokeswoman said, explaining that a structure review that occurred in February called for a midcap value fund.
The $31.2 billion pension fund conducted the search through an "extensive and prudent process involving both staff and Callan's database of vetted managers that show strong performance," the spokeswoman said.
As of June 30, Mississippi PERS had 24.3% allocated to domestic equities; its target allocation is 25%.
